Notes to SEFA
Title: Note 1 – Basis of Presentation:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the McDowell County Board of Education and is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The McDowell County Board of Education did not elect to use the 10% de minimis indirect cost rate for its federal programs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the McDowell County Board of Education and is presented on the accrual basis of accounting. 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).
Title: Note 2 – Indirect Cost:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the McDowell County Board of Education and is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The McDowell County Board of Education did not elect to use the 10% de minimis indirect cost rate for its federal programs.
The McDowell County Board of Education did not elect to use the 10% de minimis indirect cost rate for its federal programs.
Title: Note 3– Subrecipients:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the McDowell County Board of Education and is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The McDowell County Board of Education did not elect to use the 10% de minimis indirect cost rate for its federal programs.
The McDowell County Board of Education did not have subrecipients during the 2022 fiscal year.
Title: Note 4 - food distribution
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the McDowell County Board of Education and is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The McDowell County Board of Education did not elect to use the 10% de minimis indirect cost rate for its federal programs.
The McDowell County Board of Education’s non-cash assistance received from the U.S. Department of Agriculture Donated Foods Program of $53,409, is included in the Schedule of Expenditures of Federal Awards based upon the fair market value of the commodities at the time of receipt and reflects the amount distributed for the year ended June 30, 2023.