Notes to SEFA
Title: NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The significant accounting policies surrounding the SEFA are included in Note, Note, B, and Note C of the SEFA.
De Minimis Rate Used: Both
Rate Explanation: The District is eligible to apply a 10% de minimis indirect cost rate on certain grants that have been awarded. The District has evaluated this application on a grant-by-grant basis. Indicrect cost rates in effect for 2021 ranged from 0% to 3% depending on the respective grant.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Fremont County School District #21 and is presented on the modified accrual basis of accounting, except for amounts presented under the U.S. Department of Agriculture, and passed through the State Department of Education which are presented on the accrual basis. The information in this schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.
Title: NOTE B - COMMODITIES
Accounting Policies: The significant accounting policies surrounding the SEFA are included in Note, Note, B, and Note C of the SEFA.
De Minimis Rate Used: Both
Rate Explanation: The District is eligible to apply a 10% de minimis indirect cost rate on certain grants that have been awarded. The District has evaluated this application on a grant-by-grant basis. Indicrect cost rates in effect for 2021 ranged from 0% to 3% depending on the respective grant.
Nonmonetary assistance, such as food received from the United States Department of Agriculture, is reported as revenue at fair market value.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: The significant accounting policies surrounding the SEFA are included in Note, Note, B, and Note C of the SEFA.
De Minimis Rate Used: Both
Rate Explanation: The District is eligible to apply a 10% de minimis indirect cost rate on certain grants that have been awarded. The District has evaluated this application on a grant-by-grant basis. Indicrect cost rates in effect for 2021 ranged from 0% to 3% depending on the respective grant.
The District is eligible to apply a 10% de minimis indirect cost rate on certain grants that have been awarded. The District has evaluated this application on a grant-by-grant basis. Indicrect cost rates in effect for 2021 ranged from 0% to 3% depending on the respective grant.