Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal award activity of the Board of Education of Anne Arundel County under programs of the federal government for the year ended June 30, 2022. 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).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: RELATION TO BASIC FINANCIAL STATEMENTS AND FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule or SEFA) includes the federal award activity of the Board of Education of Anne Arundel County under programs of the federal government for the year ended June 30, 2022. 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).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying SEFA agree with amounts reported in the Boards basic financial statements and the related federal financial reports submitted by the Board.Total expenditures per the SEFA reconciles to the Boards basic financial statements as follows:Revenues per the statement of Revenue, Expenditures, and changes in Fund Balance Federal- Food Service $54,415,382 Federal- General Fund 94,629,972 Federal- Capital Projects 40,462,897 Total per Basic Financial Statements 189,226,251 Less: FY22 Medicaid (293,412) Misc Adjustment 11,459 Total Expenditures per SEFA $189,226,298