Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on a 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.
De Minimis Rate Used: N
Rate Explanation: The Butler County Board of Education has elected not to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance. A negotiated cost rate is used.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Butler County Board of Education under programs of the federal government for the year ended September 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 Butler County Board of Education, it is not intended to and does not present the financial position or changes in net position of the Butler County Board of Education.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on a 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.
De Minimis Rate Used: N
Rate Explanation: The Butler County Board of Education has elected not to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance. A negotiated cost rate is used.
Expenditures reported on the Schedule are reported on the 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.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on a 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.
De Minimis Rate Used: N
Rate Explanation: The Butler County Board of Education has elected not to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance. A negotiated cost rate is used.
The Butler County Board of Education has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.