Title: Build America Bonds - QZAB
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
In fiscal year 2022, the federal government made an interest contribution of $143,866. These monies are not subject to audit per 2 CFR Part 200.502.
Title: Build America Bonds - QSCB
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
In fiscal year 2022, the federal government made an interest contributed $382,624. These monies are not subject to audit per 2 CFR Part 200.502.
Title: Matching
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
Matching contributions were met with either local or unrestricted State or Federal monies.
Title: First-In First-Out
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
Program receipts are assumed to be spent on a first-in first-out basis. Child Nutrition and Impact Aid program monies are held in separate funds. Miscellaneous funds are used to account for the revenues and expenditures of miscellaneous federal programs. The Fresh Fruits and Vegetables revenues and expenditures are tracked in the School Food fund along with Child Nutrition monies.
Title: Impact Aid SEFA Reporting
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
Impact Aid amounts shown on the first page of the SEFA that show zero current year federal expenditures represent federal program monies received but not yet spent.
Title: Impact Aid Interest
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
Interest and changes in fair market value of investments held in the Impact Aid fund are reported as part of the Impact Aid revenues. Interest and Change in Fair Market value in FY2022 totaled ($189,160).
Title: Subrecipients
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
The District paid invoices for the Pretty Eagle Academy totaling $134,525 from Title I Part A - Improvement Grants and $80,454 from Education Stabilization Fund (ESF) which are also referred to as CARES or ESSER monies. Subrecipient expenditures are reported as part of the District's federal program revenues and Expenditures.
Title: Fiscal Reliance
Accounting Policies: The SEFA is prepared using the modified accrual basis of accounting with the exception of the Impact Aid Program which is reported on the cash basis of accounting. Modified accrual basis of accounting is described in Note 1B.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate of 0.343 as determined by the State of Montana, Office of Public Instruction.
The District does not rely upon the federal government for its operations. The District received less than 50% of its revenues from federal sources.