Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Note 2. Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The McCreary County School District has not elected to use the 10-percent de minimis cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes federal grant activity of the McCreary County School District under the programs of the federal government for the year ended June 30, 2023. The information in the 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 McCreary County School District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.
Title: Note 3. Food Distribution
Accounting Policies: Note 2. Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The McCreary County School District has not elected to use the 10-percent de minimis cost rate allowed under Uniform Guidance.
Nonmonetary assistance is reported in the schedule at the fair value of the commodities received and disburse. For the year ended June 30, 2023, the District received food commodities totaling $82,784.
Title: Note 4. Indirect Cost Rate
Accounting Policies: Note 2. Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: The McCreary County School District has not elected to use the 10-percent de minimis cost rate allowed under Uniform Guidance.
The McCreary County School District has not elected to use the 10-percent de minimis cost rate allowed under Uniform Guidance.