Notes to SEFA
Title: Note 2
Accounting Policies: This schedule includes federal awards activities of Fayetteville School District No.1 and is presented on the regulatory 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 Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differe from amounts presented in, or used in the preparation of the basic regulatory basis financial statements. The District did not elect to use the 10% deminimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Medicaid reimbursements are defined as contracts for services and not federal wards, therefore, such reimbursements totaling $1,240,779 are not covered by the reporting requirements of the Uniform Guidance.
Title: Note 3
Accounting Policies: This schedule includes federal awards activities of Fayetteville School District No.1 and is presented on the regulatory 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 Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differe from amounts presented in, or used in the preparation of the basic regulatory basis financial statements. The District did not elect to use the 10% deminimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Non-monetary assistance is reported at the approximate values as provided by the Arkansas Department of Education.