Notes to SEFA
Accounting Policies: Schedule of Expenditures of Federal Awards
(1) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Winona-Montgomery Consolidated 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 Winona-Montgomery Consolidated School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Winona-Montgomery Consolidated School District.
(2) Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the modified 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. 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.
(3) Indirect Cost Rate
The Winona-Montgomery Consolidated School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
(4) Noncash Awards
Donated commodities of $68,888 are included in the National School Lunch Program.
De Minimis Rate Used: N
Rate Explanation: The Winona-Montgomery Consolidated School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.