Notes to SEFA
Title: FOOD DISTRIBUTION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Rowan County School District under the programs of the federal government for the 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 Rowan County School District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Rowan County School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Nonmonetary assistnace is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2023, commodities on hand are included in the total inventory of $43,687.