Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on this 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 McLean County School District has elected to use the 10 percent deminimis 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 McLean County 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). Because the Schedule presents only a selected portion of the operations of the McLean County School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the McLean County School District.
Title: Commodities
Accounting Policies: (1) Expenditures reported on this 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 McLean County School District has elected to use the 10 percent deminimis 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: Medicaid Reimbursements
Accounting Policies: (1) Expenditures reported on this 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 McLean County School District has elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Although reported in the financial statements as direct federal revenue, Medicaid reimbursements ($91,464) are not considered expenditures of federal awards for the purposes of the schedule.
Title: Subrecipients
Accounting Policies: (1) Expenditures reported on this 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 McLean County School District has elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.
Title: Reconciliation of the Schedule of Expenditures of Federal Awards to the Financial Statemetns
Accounting Policies: (1) Expenditures reported on this 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 McLean County School District has elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Special Revenue Fund 2 (Direct Federal = $182,109 ; Indirect Federal= $1,833,030) and Proprietary Fund (Food Service= $1,083,978). Total Federal awards reported in the Schedule of Federal Expenditures is $3,099,117.