Title: B. Summary of Significant Accounting Policies
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Laredo Independent School District under programs of the federal government for the year ended June 30, 2023. 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).
The District utilizes the fund types specified in the Texas Education Agency's Financial Accountability System Resource Guide (FASRG).
• General Fund - is accounted for, among other things, resources related to the United States Department of Defense ROTC program.
• Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: C. Indirect Cost Rate
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financial resources measurement focus. All federal grant funds were accounted for in a Special Revenue Fund, or in some instances, in the General Fund which are Governmental Fund type funds.
Title: B. Summary of Significant Accounting Policies
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Laredo Independent School District under programs of the federal government for the year ended June 30, 2023. 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).
The District utilizes the fund types specified in the Texas Education Agency's Financial Accountability System Resource Guide (FASRG).
• General Fund - is accounted for, among other things, resources related to the United States Department of Defense ROTC program.
• Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: C. Indirect Cost Rate
With this measurement focus, only current assets and current liabilities and the fund balance are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets.
Title: B. Summary of Significant Accounting Policies
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Laredo Independent School District under programs of the federal government for the year ended June 30, 2023. 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).
The District utilizes the fund types specified in the Texas Education Agency's Financial Accountability System Resource Guide (FASRG).
• General Fund - is accounted for, among other things, resources related to the United States Department of Defense ROTC program.
• Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: C. Indirect Cost Rate
The modified accrual basis of accounting is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual (i.e., both measurable and available), and expenditures in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on General Long-Term Debt, which is recognized when due, and certain compensated absences and claims and judgments, which are recognized when the obligations are expected to be liquidated with expendable, available financial resources.
Title: B. Summary of Significant Accounting Policies
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Laredo Independent School District under programs of the federal government for the year ended June 30, 2023. 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).
The District utilizes the fund types specified in the Texas Education Agency's Financial Accountability System Resource Guide (FASRG).
• General Fund - is accounted for, among other things, resources related to the United States Department of Defense ROTC program.
• Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: C. Indirect Cost Rate
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received in advance of the expenditures, they are recorded as deferred revenues until earned.
Title: B. Summary of Significant Accounting Policies
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Laredo Independent School District under programs of the federal government for the year ended June 30, 2023. 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).
The District utilizes the fund types specified in the Texas Education Agency's Financial Accountability System Resource Guide (FASRG).
• General Fund - is accounted for, among other things, resources related to the United States Department of Defense ROTC program.
• Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: C. Indirect Cost Rate
The period of performance for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the ending date of the federal project period extended 90 days beyond the federal project period ending date, in accordance with provisions in Section H, Period of Performance of Federal Funds, 3 CFR Section 200.343(b).
Title: D. Reconciliation from the Schedule of Expenditures of Fedeal Awards to the Exhibit C-3
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Laredo Independent School District under programs of the federal government for the year ended June 30, 2023. 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).
The District utilizes the fund types specified in the Texas Education Agency's Financial Accountability System Resource Guide (FASRG).
• General Fund - is accounted for, among other things, resources related to the United States Department of Defense ROTC program.
• Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: C. Indirect Cost Rate
See the Notes to the SEFA for chart/table