Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified cash 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 - RELATIONSHIP TO ACCOMPANYING FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards are reported in the District's accompanying financial statements as follows:
Title: NOTE 5 – RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with the Modified Cash Basis of Accounting
Title: NOTE 6 –MATCHING REVENUES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
For those funds that have matching revenues and state funding, federal expenditures were determined by deducting matching revenues from total expenditures.
Title: NOTE 7 – NON-CASH PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
The commodities received, which are non-cash revenues, are valued using prices provided by the United States Department of Agriculture.
Title: NOTE 8 – SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District provided no federal awards to subrecipients during the year ended June 30, 2023.
Title: NOTE 9 – DONATED PERSONAL PROTECTIVE EQUIPMENT (UNAUDITED)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Meramec Valley R-III 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 Meramec Valley R-III School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Meramec Valley R-III School District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the ten (10) percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District did not receive any donated personal protective equipment during the year ended June 30, 2023.