Notes to SEFA
Title: Note 3 - Noncash Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Quincy School District's financial statements. The Quincy 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: The Quincy School District used the federal restricted rate of 3.77%. The Quincy School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of food commodities reported on the schedule is the value of commodities distributed by the Quincy School District during the current year and priced as prescribed by the USDA.
Title: Note 4 - Schoolwide Programs
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Quincy School District's financial statements. The Quincy 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: The Quincy School District used the federal restricted rate of 3.77%. The Quincy School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Quincy School District operates a “schoolwide program” in all eight school buildings. 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 Quincy School District in its schoolwide program: Title I (84.010) $1,215,097.91.