Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the
activity of federal award programs administered by the School District using the modified accrual
basis of accounting. Federal awards that are included in the Schedule may be received directly
from federal agencies, as well as federal awards that are passed through from other government
agencies.
The information presented in the 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).
Title: SUMMARY OF CERTAIN SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
The federal expenditures are recognized under the Uniform Guidance.
Title: SCOPE OF AUDIT
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The School District is an independent municipal corporation. All federal grant operations of the
School District are included in the scope of the single audit.
Title: OTHER DISCLOSURES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
No insurance is carried specifically to cover equipment purchased with federal awards. Any
equipment purchased with federal funds has only a nominal value and is covered by the School
District's casualty insurance policies.
There were no loans or loan guarantees outstanding at year-end.
Title: NON-CASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Nonmonetary assistance is reported in the schedule at fair market value of the commodities
received and disbursed. For the year ended June 30, 2024, the School District received food
commodities totaling $47,653.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
The amounts reported as federal expenditures were obtained from the federal financial reports
for the applicable program and periods. The amounts reported in these reports are prepared
from records maintained for each program, which are reconciled with the School District’s
financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The School District did not elect to use the 10% de minimis cost rate.
Indirect costs may be included in the reported expenditures, to the extent that they are included
in the federal financial reports used as the source for the data presented. The School District’s
policy is not to charge federal award programs with indirect costs.