Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to charge de minimus rate of 10% for determining indirect cost amounts.
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Clay County District School
Board under programs of the federal government for the fiscal 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 Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents
only a selected portion of the operations of the District, it is not intended to, and does not, present the financial position, change in
net position, or cash flows of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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 types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to charge de minimus rate of 10% for determining indirect cost amounts.
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 types of expenditures are not allowable or are limited as to reimbursement.
Title: Non-Cash Assistance
Accounting Policies: 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 types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to charge de minimus rate of 10% for determining indirect cost amounts.
National School Lunch Program - Includes $1,909,819.88 of donated food received during the fiscal year. Donated foods are valued
at fair value as determined at the time of donation.
Title: Indirect Cost Rate Election
Accounting Policies: 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 types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to charge de minimus rate of 10% for determining indirect cost amounts.
The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to
charge de minimus rate of 10% for determining indirect cost amounts.