Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Mississippi Department of Education has chose to follow the fixed with carry-forward method for calculating indirect cost rates for its local education agencies (LEA).
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain type of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of busines to amounts reported as expenditues in prior years.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Mississippi Department of Education has chose to follow the fixed with carry-forward method for calculating indirect cost rates for its local education agencies (LEA).
The school distict has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Mississippi Department of Education has chose to follow the fixed with carry-forward method for calculating indirect cost rates for its local education agencies (LEA).
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Union Public School District under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the reqirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principales, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selection portion of the operations of the Union Public School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Union Public School District.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Mississippi Department of Education has chose to follow the fixed with carry-forward method for calculating indirect cost rates for its local education agencies (LEA).
Donated Commities of $47,256 are included in the national school lunch program - seamless summer option.
Title: Other Items
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Mississippi Department of Education has chose to follow the fixed with carry-forward method for calculating indirect cost rates for its local education agencies (LEA).
As allowed by federal regulations, the school district elected to transfer program funds. The district expended $8,587 from its Supporting Effective Instruction - State Grants ALN# 84.367 and $19,238 from Student Support and Academic Enrichment Program ALN # 84.010. These amounts are reflected in the expenditures of Title I - Grants to local educational agencies.