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 the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts (if any) shown on the schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Basis of Presentation - The accompanying schedule of expenditures of federal awards (the
“schedule”) includes the federal award activity of Akron-Fairgrove Schools under programs of the
federal government for the year ended June 30, 2024. The information in this schedule is presented in
accordance with 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 Akron-
Fairgrove Schools, it is not intended to and does not present the financial position or changes in net
position of Akron-Fairgrove Schools.
The District qualifies for low-risk auditee status. Management has utilized the Nexsys Cash
Management System and the Grant Auditor Report in preparing the Schedule of Expenditures of
Federal Awards.
Title: Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts (if any) shown on the schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowable
or are limited as to reimbursement. Negative amounts (if any) shown on the schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in
prior years. Pass-through entity identifying numbers are presented where available. Akron-Fairgrove
Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
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 the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts (if any) shown on the schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See Notes to the SEFA for chart/table
Title: Subrecipients
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 the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts (if any) shown on the schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior years. Passthrough entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule of expenditures of federal
awards, Akron-Fairgrove Schools provided federal awards to subrecipients reported in the enclosed
schedule of pass-through amounts.