Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project. Expenditures reported on the schedule are reported on the 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. The Williamsburg Community School District elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Community School District has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project. Expenditures reported on the schedule are reported on the 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. The Williamsburg Community School District elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Community School District has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the 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. The Williamsburg Community School District has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Major Federal Programs
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project. Expenditures reported on the schedule are reported on the 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. The Williamsburg Community School District elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Community School District has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
An extensive compliance test, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) was performed on the Education Stabilization Fund, which represents 35.24% of the total expenditures reflected on the Schedule of Expenditures of Federal Awards. The Education Stabilization fund exceeds $170,792 and, therefore, represents the only program to which the specific compliance requirements must be applied.
Title: In-Kind Federal Support
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project. Expenditures reported on the schedule are reported on the 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. The Williamsburg Community School District elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Community School District has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
USDA Donated Commodities are valued at market value, which represents the costs to replace those commodities