Notes to SEFA
Title: FOOD DONATION
Accounting Policies: Note 2 - Summary of Significant Accounting PoliciesExpenditures reported in the schedule are reported on the accrual basis of accounting. No federal financialassistance has been provided to a subrecipient. When applicable, such expenditures are recognized followingthe cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost RateThe School District does not draw for indirect administrative expenses and has not elected to use the 10% deminimus cost rate.
Note 4 - Food DonationNonmonetary assistance is reported in this schedule at the fair market value of the commodities received and disbursed. At June 30, 2022, the School District had food commodities totaling $3,228 in inventory.
Title: BASIS OF PRESENTATION
Accounting Policies: Note 2 - Summary of Significant Accounting PoliciesExpenditures reported in the schedule are reported on the accrual basis of accounting. No federal financialassistance has been provided to a subrecipient. When applicable, such expenditures are recognized followingthe cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3 - Indirect Cost RateThe School District does not draw for indirect administrative expenses and has not elected to use the 10% deminimus cost rate.
Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Britton-Hecla School District 45-4 (the School District) under programs of the federal government for the year ended June 30, 2022. The information 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). Because the schedule presents only a selected portion of the operations of the Britton-Hecla School District 45-4, it is not intended to and does not present the financialposition, changes in net position or fund balance, or cash flows of Britton-Hecla School District 45-4.