Notes to SEFA
Title: Note A - Basis of Presentation & Summary of Significant Accounting Policies
Accounting Policies: Cash-basis
De Minimis Rate Used: N
Rate Explanation: N/A - not utilized
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of North Fork Local School District (the District) under programs of the federal government for the year ended June 30, 2023 and is prepared in accordance with the cash basis of accounting. The information on this Schedule is prepared 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. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
Title: NOTE B – INDIRECT COST RATE
Accounting Policies: Cash-basis
De Minimis Rate Used: N
Rate Explanation: N/A - not utilized
CFR Section 200.414 of the Uniform Guidance allows a non-federal entity that has never received a negotiated indirect cost rate to charge a de minimis rate of 10% of modified total direct costs to indirect costs. The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C - CHILD NUTRITION CLUSTER
Accounting Policies: Cash-basis
De Minimis Rate Used: N
Rate Explanation: N/A - not utilized
The District commingles cash receipts from the U.S. Department of Agriculture with similar State grants. When reporting expenditures on this Schedule, the District assumes it expends federal monies first.
Title: NOTE D – FOOD DONATION PROGRAM
Accounting Policies: Cash-basis
De Minimis Rate Used: N
Rate Explanation: N/A - not utilized
The District reports commodities consumed on the Schedule at the fair value. The District allocated donated food commodities to the respective program that benefitted from the use of those donated food commodities.
Title: NOTE E - TRANSFERS BETWEEN PROGRAM YEARS
Accounting Policies: Cash-basis
De Minimis Rate Used: N
Rate Explanation: N/A - not utilized
Federal regulations require schools to obligate certain federal awards by June 30. However, with ODE’s consent, schools can transfer unobligated amounts to the subsequent fiscal year’s program. The District transferred the following amounts from 2023 to 2024 programs: