Notes to SEFA
Title: Commodities
Accounting Policies: The accompanying schedule of expenditures of federal awards include the federal award activity of Fremont County School District #38 under programs of the federal government for the year ended June 30, 2022. 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 the Audit Requirements for Federal Awards (Uniform Guidance). All federal financial awards received directly from federal agencies as well as federal financial awards passed through other governmental agencies are included in the schedule. Because the schedule presents only a selected portion of the operations of Fremont County School District #38, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fremont County School District #38. Expenditures reported on the schedule are reported on the same basis of accounting used in the preparation of the fund financial statements from which the information was derived as described in Note 1 to the District's basic financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-monetary assistance, such as food received from the United States Department of Agriculture, is reported as revenue at fair market value, on the date received by the District.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards include the federal award activity of Fremont County School District #38 under programs of the federal government for the year ended June 30, 2022. 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 the Audit Requirements for Federal Awards (Uniform Guidance). All federal financial awards received directly from federal agencies as well as federal financial awards passed through other governmental agencies are included in the schedule. Because the schedule presents only a selected portion of the operations of Fremont County School District #38, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fremont County School District #38. Expenditures reported on the schedule are reported on the same basis of accounting used in the preparation of the fund financial statements from which the information was derived as described in Note 1 to the District's basic financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Funds have been passed on to a sub-recipient - Fremont County School District #25 in the amount of $265,822 for tuition support.
Title: School Assistance in Federally Affected Areas - Impact Aid ALN 84.041
Accounting Policies: The accompanying schedule of expenditures of federal awards include the federal award activity of Fremont County School District #38 under programs of the federal government for the year ended June 30, 2022. 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 the Audit Requirements for Federal Awards (Uniform Guidance). All federal financial awards received directly from federal agencies as well as federal financial awards passed through other governmental agencies are included in the schedule. Because the schedule presents only a selected portion of the operations of Fremont County School District #38, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fremont County School District #38. Expenditures reported on the schedule are reported on the same basis of accounting used in the preparation of the fund financial statements from which the information was derived as described in Note 1 to the District's basic financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District receives funding through the School Assistance in Federally Affected Areas as the District is on the Wind River Indian Reservation. These funds are provided in lieu of property taxes and the District's policy is to expend State and Local funding received in the General Fund before these Federal funds. The following is a schedule reconciling the Federal Funds reported on the Statement of Activities to the expenditures on the Schedule of Expenditures of Federal Awards. Program: School Assistance in Federall Affected Areas Assistance Listing Number 84.041 Federal Funding reported $3,387,014 Federal Expenses Reported $4,460,763 Federal Carryover Funds Unrestricted $23,597,226.