Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: NOTE 2 Summary of Signficant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT ELECTED NOT USE THE 10% DEMINIMIS INDIRECT COST RATE
The accompanying schedule of expenditures of federal awards ( the schedule) includes the federal grant activity of the Forrest City School District 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 (CFR) 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 financial position of the District.
Title: Note 2- SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 2 Summary of Signficant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT ELECTED NOT USE THE 10% DEMINIMIS INDIRECT COST RATE
Expenditures are reported on the Schedule are reported on the regulatory basis of accounting. Such expenditures are recognized folowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are as limited as to reimbursement.
Title: NOTE 3 NONMONETARY ASSISTANCE
Accounting Policies: NOTE 2 Summary of Signficant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT ELECTED NOT USE THE 10% DEMINIMIS INDIRECT COST RATE
Nonmonetary assistance is reported at the approximate value as provided by the Arkansas Department of Human Services.
Title: NOTE 4 INDIRECT COST
Accounting Policies: NOTE 2 Summary of Signficant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT ELECTED NOT USE THE 10% DEMINIMIS INDIRECT COST RATE
The District has elected not to use the 10 % de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 5 MEDICAID
Accounting Policies: NOTE 2 Summary of Signficant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: THE DISTRICT ELECTED NOT USE THE 10% DEMINIMIS INDIRECT COST RATE
During the year ended June 30, 2023, the District received $ 217,871 in Medicaid Funding. Such payments are not considered federal awards expended, and therefore are not included in the above schedule.