Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Elected not to use
The accompanying schedule of expenditure of federal awards included the federa award activity of the Hancock County School District under programs for 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 Admininstrative REquirements, Cost Principles, and Audit Requirements Federal Awards (Uniform Guidance). Because the schedule presents only a select portion of the operations of the Hancock County School District, it is not intend to and does not present the financial position, changes in net position, or cash flows of Hancock County School District.
Title: Note 2- Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Elected not to use
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost princples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on a schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3- Indirect Cost Rate
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Elected not to use
Hancock County School District has elected not to use the 10-percent de minimius indirect cost rate allowed under the Uniform Guidance
Title: Note 4 Food Distribution
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Elected not to use
Non-monetary assistances is reported in the Schedule at the fair market value of the commodities received and disbursed.