Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL AWARD ACTIVITY OF HAGERMAN MUNICIPAL SCHOOLS 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 US CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF OPERATIONS OF HAGERMAN MUNICIPAL SCHOOLS, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN ASSETS, OR CASH FLOWS OF HAGERMAN MUNICIPAL SCHOOLS.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
Title: NONMONETARY ASSISTANCE
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
NONMONETARY ASSISTANCE IS REPORTED IN THE SCHEDULE AT THE FAIR MARKET VALUE OF THE USDA COMMODITIES RECEIVE. THE DISTRICTRECEIVED $28794 IN FOOD COMMODITITES DURING THE YEAR.
Title: INDIRECT COSTS
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE
Title: SUBRECIPIENTS
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE DISTRICT DID NOT PROVIDE ANY FEDERAL AWARDS TO SUBRECIPIENTS DURING THE YEAR.