Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, SUBRECIPIENTS
De Minimis Rate Used: N
Rate Explanation: USED DETERMINED RATE APPROVED BY KY DEPT OF EDUCATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Ohio Valley Educational Coperative (the Cooperative) under programs of the federal government for the year ended June 30, 2020. The information in this schedule is presented in accordance with the requirement 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 potion of th eoperations of th e Cooperative, it is not intended to and does not present the financial position, changes in net position or cash flows of the Cooperative.
Title: Summary of Significant Accounting Policies
Accounting Policies: BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, SUBRECIPIENTS
De Minimis Rate Used: N
Rate Explanation: USED DETERMINED RATE APPROVED BY KY DEPT OF EDUCATION
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contrained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shouwn 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 numers are presented where available. The Cooperative did not use the 10 percent de minimis indirect cost rate.
Title: Subrecipients
Accounting Policies: BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, SUBRECIPIENTS
De Minimis Rate Used: N
Rate Explanation: USED DETERMINED RATE APPROVED BY KY DEPT OF EDUCATION
There have been no awards provided by the Cooperative to subrecipients