Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule is presented using generally accepted accounting principles, as described in the District's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The District did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Bedford Central School District (School District), under programs of the federal government for the year ended June 30, 2023. The information in the 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 portion of the operations of the School District it is not intended to and does not present the financial position or the respective changes in the financial position of the governmental activities and each major fund of the School District.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule is presented using generally accepted accounting principles, as described in the District's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The District did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the School District's general ledger.
Title: Pass-Through Programs
Accounting Policies: The Schedule is presented using generally accepted accounting principles, as described in the District's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The District did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Where the School District receives funds from a government entity other than the federal government (pass-through), the funds are accumulated based upon the Assistance Listings number advised by the pass-through grantor. Identifying numbers, other than the AL numbers, which may be assigned by pass-through grantors are not maintained in the School Distict's financial management system. The School District has identified certain pass-through identifying numbers and included them in the schedule of expenditures of federal awards, as available.
Title: Matching Costs
Accounting Policies: The Schedule is presented using generally accepted accounting principles, as described in the District's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The District did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the School District’s share of certain program costs, are not included in the reported expenditures.
Title: Non-Monetary Federal Program
Accounting Policies: The Schedule is presented using generally accepted accounting principles, as described in the District's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The District did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School District is the recipient of a federal financial award program that does not result in cash receipts or disbursements termed a “non-monetary” program. During the year ended June 30, 2023, the School Ditrict received food commodities, the fair value of which amounted to $103,603, is presented in the Schedule as National School Lunch Program (Division of Donated Foods, AL#10.555).