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. Pass-through entity identifying numbers are presented where available, however federal funds were passed through to other entities during
fiscal year 2024. San Luis Valley Board of Cooperative Educational Services did not elect to use the 10-percent de mininis indirect cost rate as allowed under the Uniform Guidance for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of San Luis Valley Board of Cooperative Educational Services 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 San Luis Valley Board of Cooperative Educational Services, it is not intended to and does not present the financial position or changes in net position of San Luis Valley Board of Cooperative Educational Services.