Notes to SEFA
Title: 1. BASIS FOR PRESENTATION
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic financial statements. 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. The District has elected to utilize to approved 12% indirect cost rate from Wyoming Department of Education. This rate is effective from July 1, 2022 to June 30, 2025.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to utilize the approved 12% indirect cost rate from Wyoming Department of Education.
The accompanying Scheudle of Expenditures of Federal Awards (SEFA) includes federal grant activity of Converse County School District #1. The information in the schedule is presented in accordance with requirements of Tilte 2 CFR Part 200, Uniform Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic financial statements. 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. The District has elected to utilize to approved 12% indirect cost rate from Wyoming Department of Education. This rate is effective from July 1, 2022 to June 30, 2025.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to utilize the approved 12% indirect cost rate from Wyoming Department of Education.
Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic financial statements. 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. The District has elected to utilize to approved 12% indirect cost rate from Wyoming Department of Education. This rate is effective from July 1, 2022 to June 30, 2025.
The District did not pass through any funds to subrecipients.
There were no loans/loan guarantees.
Items with an asterisk (*) are major programs.
Non-monetary assistance is reported in the SEFA at fair market value of commodities received and disbursed.