Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The District used the Indirect cost rates calculated by the Colorado Department of Education.
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Telluride School District R-1 and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2, US Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the general purpose financial statements.
Title: Basis of Determining the Value of Non-cash Awards Expended
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The District used the Indirect cost rates calculated by the Colorado Department of Education.
Food Distribution Commodities: Fair market value at the time recipient received award and assessed value provided by the federal agency.
Title: Sub-recipients
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The District used the Indirect cost rates calculated by the Colorado Department of Education.
The District did not provide any federal funds listed in the Schedule of Expenditures of Federal Awards received to sub-recipients.
Title: Indirect Facilities and Administrative Costs
Accounting Policies: Modified Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: The District used the Indirect cost rates calculated by the Colorado Department of Education.
The District does not opt to use the 10% de minimis cost rate allowed in Title 2 US Code of Federal Regulations (CFR), Part 200.414 Indirect (F&A) costs