Title: Note A: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Hopkins County School District has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Hopkins County School District under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in acordance 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). Because the Schedule presents only a selected portion of the operations of the Hopkins County School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Hopkins County School District.
Title: Note D: Commodities:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Hopkins County School District has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Noncash assistance is reported in the schedule at the fair market value of the USDA food commodities received and disbursed.
Title: Note E: Medicaid Reimbursements:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Hopkins County School District has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Although reported in the financial statements as direct federal revenue, medicaid reimbursements ($23,343) are not considered expenditures of federal awards for the purposes of this schedule.
Title: Note F: Subrecipients:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Hopkins County School District has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.
Title: Note G: Reconciliation of Federal Awards to the Financial Statements:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Hopkins County School District has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Total Federal Awards per Schedule of Expenditures of Federal Awards: $11,728,358. Special Revenue Fund - Federal - Indirect & Direct $7,338,453. Proprietary Fund - Federal and donated commodities $4,389,905 Total Federal Awards Revenues Reported $11,728,358.