Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Board are included in the scope of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed
in accordance with the provision of the OMB Compliance Supplement (the Compliance
Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the major grant programs noted below. The programs on the
Schedule of Expenditures of Federal Awards represent all Federal award programs with
fiscal year 2023, cash or non-cash expenditure activities. For single audit testing, we tested to
ensure coverage of at least 40% of Federally granted funds. Actual coverage was 57%.
Expenditures reported on the Schedule of Expenditures of Federal Awards are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10-percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of
accounting in accordance with accounting principles generally accepted in the United States
of America.
The federal share of the enterprise funds is commingled with state and local funding, as well
as revenues provided from user charges. Expenditures are assumed to be paid first from the
federal revenues for purposes of the Schedule. Commodities received from the U.S.
Department of Agriculture are valued at fair market value and recorded as expenditures when
used. During the fiscal year ended June 30, 2023, the fair market value of commodities
consumed was $7,250,081 and are included in assistance listing number 10.555 in the
accompanying schedule.
Title: RECONCILIATION OF TO THE BASIC FINANCIAL STATEMENTS
Accounting Policies: All Federal grant operations of the Board are included in the scope of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed
in accordance with the provision of the OMB Compliance Supplement (the Compliance
Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the major grant programs noted below. The programs on the
Schedule of Expenditures of Federal Awards represent all Federal award programs with
fiscal year 2023, cash or non-cash expenditure activities. For single audit testing, we tested to
ensure coverage of at least 40% of Federally granted funds. Actual coverage was 57%.
Expenditures reported on the Schedule of Expenditures of Federal Awards are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10-percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Total expenditures per the Schedule of Expenditures of Federal Awards (the Schedule)
reconcile to the Board's basic financial statements as follows: