Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures are reported on the modified accrual basis of accounting and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Board of Education has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of The Board of Education of Somerset County under 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 Board of Education of Somerset County, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Board of Education of Somerset County.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures are reported on the modified accrual basis of accounting and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Board of Education has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures are reported on the modified accrual basis of accounting and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Board of Education has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Board of Education of Somerset County has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Reconciliation of Federal Awards
Accounting Policies: Expenditures are reported on the modified accrual basis of accounting and recognized following cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Board of Education has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table