Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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's cognizant agency is Florida Department of Education (FLDOE). For the year 2022-2023, FLDOE approved a restricted indirect cost rate of 4.76%. As a result of the approved indirect cost rate, the District does not have the option to elect the 10 percent de minimis rate in accordance with Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activity of the Okaloosa County District School Board under programs of the Federal Government for the fiscal year ended June 30, 2023. The information in the 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 or changes in net position of the District.
The District does not have any federal loans or loan guarantees relating to federal awards.
The District does not provide, purchase, or sell any federally funded insurance.
Title: Noncash Assistance for National School Lunch Program
Accounting Policies: Expenditures reported in 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's cognizant agency is Florida Department of Education (FLDOE). For the year 2022-2023, FLDOE approved a restricted indirect cost rate of 4.76%. As a result of the approved indirect cost rate, the District does not have the option to elect the 10 percent de minimis rate in accordance with Uniform Guidance.
Includes $1,016,799 of donated food received during the fiscal year. Donated foods are valued at fair value as determined at the time of donation.
Title: Impact Aid
Accounting Policies: Expenditures reported in 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's cognizant agency is Florida Department of Education (FLDOE). For the year 2022-2023, FLDOE approved a restricted indirect cost rate of 4.76%. As a result of the approved indirect cost rate, the District does not have the option to elect the 10 percent de minimis rate in accordance with Uniform Guidance.
Expenditures include $620,134 for grant number/program year S041B-2021-1256 and $3,931,484 for grant number/program year S041B-2023-1256.