Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Meridian Public Schools (the District) under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 District, it is not intended to and does not present its financial position or changes in net position of the District.
Management has utilized the Nexsys cash management system and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards.
Title: ADJUSTMENTS
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Adjustments listed in the schedule of expenditures of federal awards represent the following:
• $3,429 – This adjustment is due to the District reclassifying Federal Lunch and Federal Summer revenue that had been coded incorrectly in the 2022-2023 SEFA.
• $1,100 – This adjustment represents the District drawing, and then recording on the Final Expenditure Report (FER), funds from the District’s 2023-2024 Title I budget rather than using an expenditure report dated June 30th, 2023 to keep fiscal years separated.
Title: RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures are reported as revenues in the following funds in the financial statements of the District:
Fund Amount
General Fund 1,097,403
Food Service Fund 839,533
Federal revenues subject to single audit 1,936,936