Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are recognized on the accrual basis of accounting. No federal assistance has been provided to a sub recipient. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal award activity of Valley School District (the District) under programs of the federal government for the year ended June 30, 2023. 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), the Uniform Guidance.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are recognized on the accrual basis of accounting. No federal assistance has been provided to a sub recipient. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the schedule of expenditures of federal awards are recognized on the accrual basis of accounting. No federal assistance has been provided to a sub recipient. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are recognized on the accrual basis of accounting. No federal assistance has been provided to a sub recipient. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The District has not elected to use the 10% de minimis cost rate.