Notes to SEFA
Accounting Policies: a) Basis of Accounting – The accompanying Schedule of Expenditures of Federal Awards is presented on
the modified accrual basis of accounting. Accordingly, expenditures are recognized when the liability is
incurred. 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.
b) Cash Assistance – School Breakfast and Lunch Program – Program expenditures represent federal
reimbursement for meals provided during the year.
c) Non-Cash Assistance (Commodities) – School Lunch Program – Program expenditures represent the
value of donated foods received during the year.
De Minimis Rate Used: N
Rate Explanation: The Northeast Metropolitan Regional Vocational School District has elected not to use the 10-percent de
minimis indirect cost rate as allowed under the Uniform Guidance.