Notes to SEFA
Title: Basis of Presentation.
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: DISTRICT DOES NOT HAVE THE OPTION TO ELECT
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activity of the
Pasco County District School Board under programs of the Federal government for the year ended June 30, 2023. 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the
operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Summary of Significant Account Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: DISTRICT DOES NOT HAVE THE OPTION TO ELECT
Expenditures reported on the Schedule are reported on the modified 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: DISTRICT DOES NOT HAVE THE OPTION TO ELECT
The District’s cognizant agency is Florida Department of Education (“FLDOE”). For the fiscal year 2022-2023, FLDOE
approved a restricted indirect cost rate of 4.43%. As a result of the approved indirect cost rate, the District does not have the option to elect the
10 percent de minimis rate in accordance with Uniform Guidance.
Title: Noncash Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: DISTRICT DOES NOT HAVE THE OPTION TO ELECT
National School Lunch Program - Includes $2,539,335.67 of donated food received during the fiscal year. Donated foods are valued at fair
value as determined at the time of donation
Title: Head Start
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: DISTRICT DOES NOT HAVE THE OPTION TO ELECT
Expenditures include $345,566.01 for grant number/program year 04CH011793/02, $7,140,993.65 for grant number/program year
04CH011793/03, and $5,791,160.89 for grant number/program year 04HE001338/01