Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Primero Reorganized School District Number 2 and is presented on the modified accrual basis of
accounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has
recovered indirect cost from grant funds at an amount no greater than that allowed by the Colorado
Department of Education and has not elected to use the 10% de minimis indirect cost rate allowed by
Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Primero Reorganized School District Number 2 and is presented on the modified accrual basis of
accounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the general purpose financial statements
Title: NOTE 2 INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Primero Reorganized School District Number 2 and is presented on the modified accrual basis of
accounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has
recovered indirect cost from grant funds at an amount no greater than that allowed by the Colorado
Department of Education and has not elected to use the 10% de minimis indirect cost rate allowed by
Uniform Guidance.
All grants being charged indirect cost have been received through the Colorado Department of
Education. The Department calculates an allowable indirect cost rate for individual sub-recipients and
mandates that the rate be used as the maximum for the recovery of indirect cost. The District has
recovered indirect cost from grant funds at an amount no greater than that allowed by the Colorado
Department of Education and has not elected to use the 10% de minimis indirect cost rate allowed by
Uniform Guidance.
Title: NOTE 3 FOOD DISTRIBUTION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Primero Reorganized School District Number 2 and is presented on the modified accrual basis of
accounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has
recovered indirect cost from grant funds at an amount no greater than that allowed by the Colorado
Department of Education and has not elected to use the 10% de minimis indirect cost rate allowed by
Uniform Guidance.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received.
Title: NOTE 4 SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Primero Reorganized School District Number 2 and is presented on the modified accrual basis of
accounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has
recovered indirect cost from grant funds at an amount no greater than that allowed by the Colorado
Department of Education and has not elected to use the 10% de minimis indirect cost rate allowed by
Uniform Guidance.
The District did not pass through any grant amounts to subrecipients for the year ended June 30, 2023.