Notes to SEFA
Title: Note 1. 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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Matanuska-Susitna Borough School District has elected not to use the 10% 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 Matanuska-Susitna Borough School 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 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 Matanuska-Susitna Borough School District, it is not intended to and does not present the basic financial statements of Matanuska-Susitna Borough School District.
Title: Note 3. Passed Through Awards
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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Matanuska-Susitna Borough School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were passed through to subrecipients.
Title: Note 4. Non-monetary Assistance
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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Matanuska-Susitna Borough School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Non-monetary assistance is reported on the schedule at fair value of commodities received and disbursed. For the year ended June 30, 2024, the District received $604,014 in commodities.
Title: Note 5. Reconciliation of Federal Expenditures to the 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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Matanuska-Susitna Borough School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The following programs are reported as Intergovernmental - Federal revenues, however are not subject to compliance in accordance with the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance):
Total Schedule of Expenditures of Federal Awards $ 45,287,413
Medicaid Reimbursement 897,062
JROTC Contract Revenue 121,977
JROTC Wings Contract Revenue 579
Total Federal Expenditures $ 46,307,031