Notes to SEFA
Accounting Policies: Note 1. Summary of Significant Accounting Policies
A. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal
grant activity of the School Corporation under programs of the federal government for the
years ended June 30, 2022 and 2023. The information in the SEFA 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 SEFA presents only a select portion of the
operations of the School Corporation, it is not intended to and does not present the financial
position of the School Corporation.
The Uniform Guidance requires an annual audit of nonfederal entities expending a total
amount of federal awards equal to or in excess of $750,000 in any fiscal year unless by
constitution or statute a less frequent audit is required. In accordance with Indiana Code
(IC 5-11-1-25), audits of school corporations shall be conducted biennially. Such audits shall
include both years within the biennial period.
B. Other Significant Accounting Policies
Expenditures reported on the SEFA are reported on the cash basis of accounting. Such
expenditures are recognized following, as applicable, either the cost principles in OMB
Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowed or are limited as to reimbursement. When federal grants are received on a reimbursement
basis, the federal awards are considered expended when the reimbursement is
received.
De Minimis Rate Used: N
Rate Explanation: The School Corporation has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.