Title: Note 1 - 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: N
Rate Explanation: The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Orleans Southwest Supervisory Union 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 Orleans Southwest Supervisory Union, it is not intended to and does not present the statement of revenues, expenditures, and changes in fund balance of the Orleans Southwest Supervisory Union.
Title: Note 2 - Summary of Certain Significant Accounting Policies
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: N
Rate Explanation: The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.
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.
Title: Note 3 - 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: N
Rate Explanation: The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.
The Supervisory Union provided federal awards to subrecipients as follows: Federal
CFDA # Amount
Provided
National School Lunch Program 10.555 $ 132,699
Supply Chain Assistance 10.555 30,220
Title: Note 4 – Scope of Audit
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: N
Rate Explanation: The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.
The Supervisory Union is an independent municipal corporation. All federal grant operations of the Supervisory Union are included in the scope of the single audit.
Title: Note 5 – Non-monetary assistance
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: N
Rate Explanation: The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2023, the Supervisory Union did not receive non-monetary assistance.
Title: Note 6 – Indirect Cost Rate
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: N
Rate Explanation: The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.
The Supervisory Union did not elect to use the 10% de minimus cost rate. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Supervisory Union’s policy is not to charge federal award programs with indirect costs.