Notes to SEFA
Title: NOTE B – COMMODITIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of McCracken County Board of Education and is presented on the accrual method of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Negative amounts reflected in the schedule represent adjustments or credits resulting from the normal course of activity to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: he District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Non-monetary assistance is reported in the schedule at the fair market value of the commodities received and used
Title: NOTE C – RECONCILIATION OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of McCracken County Board of Education and is presented on the accrual method of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Negative amounts reflected in the schedule represent adjustments or credits resulting from the normal course of activity to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: he District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenues of $215,951 were reflected in the general fund for reimbursements for Medicaid claims and accordingly, were not included in the Schedule of Expenditures of Federal Awards.