Notes to SEFA
Title: Food Distribution
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Hancock Public Schools’s federal award programs and presents transactions that are included in the financial statements of the District presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Hancock Public Schools 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 using Recipient Entitlement Balance Report and other district records. Spoilage of pilferage, if any, is included in expenditures.
Title: Cost Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Hancock Public Schools’s federal award programs and presents transactions that are included in the financial statements of the District presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Hancock Public Schools has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has reported the expenditures in the Schedule of Expenditures of Federal Awards equal to those amounts reported in the annual or final cost reports.
Title: SEFA Preparation
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Hancock Public Schools’s federal award programs and presents transactions that are included in the financial statements of the District presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Hancock Public Schools has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has utilized the MDE NexSys Grant Auditor Report (GAR) in the preparation of the SEFA. There were no differences noted between the current payments reported in the GAR and amounts reported in the SEFA.