Notes to SEFA
Title: NON-CASH AWARDS
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (SEFA) 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Winfield City Board of Education has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Winfield City Board of Education is the recipient of certain non-cash assistance in the form of donated commodities received from the U.S. Department of Agriculture. Revenues and expenditures are recorded for the value of commodities received. In addition, the Winfield City Board of Education may receive certain other non-cash assistance from federal and state awarding agencies. At September 30, 2022, the Board had food commodities inventory in the amount of $46,360.