Title: NOTE 1 - REPORTING ENTITY BASIS OF PRESENTATION AND ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 2 - SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
None of the federal expenditures presented in the schedule were provided to sub-recipients.
Title: NOTE 3 - DESCRIPTIONS OF MAJOR FEDERAL PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The Education Stabilization Fund provides financial assistance to schools and other education-related entities for emergency assistance as a result of the Novel Coronavirus Disease 2019.
Title: NOTE 4 - NON-CASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The District received and distributed commodities through the National School Lunch Program. The value of commodities as determined by the Food Service Section of the Department of Elementary and Secondary Education was $133,145.
Title: NOTE 5 - INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The federal programs presented in the previous schedule did not have separate program specific insurance policies.
Title: NOTE 6 - LOANS/LOAN GUARANTEES/INTEREST SUBSIDIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The federal programs presented in the previous schedule did not have any loans, loan guarantees, or interest subsidies associated with them.
Title: NOTE 7 - DE MINIMIS COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Hancock Place School District and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The District has not elected to use the 10% de minimis indirect cost rate.