Notes to SEFA
Title: Note 1 - BASIS OF PRESENTATION
Accounting Policies: modified basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Garrett Gounty Board of Education uses a indirect cost rate authorized by the MD Department of Education. For the fiscal year ended June 30, 2024 it was 3.10%.
The accompanying schedule of expenditures of federal awards (the Schedule) was prepared using the modified basis of accounting and includes the federal award activity of the Board under programs of the federal government for the year ended June 30, 2024. This basis of accounting is fully described in Note 1 to the Board’s basic financial statements.The Schedule’s expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 Board, it is not intended to and does not present the financial position, change in net assets or cash flows of the Board. Food distribution program revenues reported in the Food Service Fund consist of non- monetary assistance. Commodities from the Department of Agriculture are reported at the fair market value of the commodities received and adjusted for the change in inventory to reflect commodities consumed during the year. The Board had food commodities inventories on hand at June 30, 2024 of $51,015 and the fair market value of commodities consumed was $199,635 as included in the assistance listing 10.555 in the accompanying schedule.
Title: NOTE 2 -INDIRECT COST RATE
Accounting Policies: modified basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Garrett Gounty Board of Education uses a indirect cost rate authorized by the MD Department of Education. For the fiscal year ended June 30, 2024 it was 3.10%.
Per Uniform Guidance 2 CFR § 200.510(b)(6), auditees are required to disclose whether they elect to use the 10 percent de minimis cost rate that 2 CFR§ 200.414(f) allows for nonfederal entities that have never received a negotiated indirect cost rate. The Board does not elect to use
the 10 percent de minimis cost rate.
Title: NOTE 3 - RECONCILIATION TO THE BASIC FINANCIAL STATEMENTS
Accounting Policies: modified basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Garrett Gounty Board of Education uses a indirect cost rate authorized by the MD Department of Education. For the fiscal year ended June 30, 2024 it was 3.10%.
SEE THE NOTES TO THE SEFA FOR CHART/TABLE