Notes to SEFA
Title: NOTE 3 - PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal Awards (SEFA) is prepared on the same basis of accounting as the Valley School District's financial statements. Valley School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - FEDERAL RESTRICTED INDIRECT RATE
The Valley School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Valley School District used the federal restricted rate of 5.61%.
The amounts shown as current year expenses represent only the federal grant portion of the program costs. Entire program costs, including Valley School District's local matching share, may be more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 4 - NONCASH AWARDS
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal Awards (SEFA) is prepared on the same basis of accounting as the Valley School District's financial statements. Valley School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - FEDERAL RESTRICTED INDIRECT RATE
The Valley School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Valley School District used the federal restricted rate of 5.61%.
The amount of commodities reported on the schedule ($14,272.74) is the value of commodities distributed by the Valley School District during the current year and priced as prescribed by the USDA.
Title: NOTE 5 - SCHOOLWIDE PROGRAMS
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal Awards (SEFA) is prepared on the same basis of accounting as the Valley School District's financial statements. Valley School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - FEDERAL RESTRICTED INDIRECT RATE
The Valley School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Valley School District used the federal restricted rate of 5.61%.
The Valley School District operates a “schoolwide program” in one elementary/middle school building. Using federal funding, schoolwide programs are designed to upgrade an entire educational program within a school for all students, rather than limit services to certain targeted students. The following federal program amounts were expended by the Valley School District in its schoolwide program Title I (84.010) ($115,782.49); Improving Teacher Quality (84.367) ($9,900.00); and, Student Support and Academic Enrichment Program (84.424) ($10,000.00).