Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the MOC-Floyd
Valley 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, 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 MOC-Floyd Valley Community School District, it is not intended
to and does not present the financial position, changes in financial position or cash flows of the MOC-Floyd Valley Community
School District. Expenditures reported in the Schedule are reported on the accrual or modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. MOC-Floyd Valley Community School District has not elected to use the 10% de
minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The District elected to not use the 10% indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the MOC-Floyd
Valley 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, 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 MOC-Floyd Valley Community School District, it is not intended
to and does not present the financial position, changes in financial position or cash flows of the MOC-Floyd Valley Community
School District.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the MOC-Floyd
Valley 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, 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 MOC-Floyd Valley Community School District, it is not intended
to and does not present the financial position, changes in financial position or cash flows of the MOC-Floyd Valley Community
School District. Expenditures reported in the Schedule are reported on the accrual or modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. MOC-Floyd Valley Community School District has not elected to use the 10% de
minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The District elected to not use the 10% indirect cost rate.
Expenditures reported in the Schedule are reported on the accrual or modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. MOC-Floyd Valley Community School District has not elected to use the 10% de
minimis indirect cost rate as allowed under the Uniform Guidance.