Notes to SEFA
Title: NOTE 1: BASIS OF ACCOUNTING AND 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 Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. No amounts were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Board
of Education of the City of Fargo under programs of the federal government for the year ended June 30, 2024. The
information in the 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 the Board of Education of the
City of Fargo, it is not intended to and does not present the financial position, changes in fund balance or net position,
or cash flows of the Board of Education of the City of Fargo.
Title: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. No amounts were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under
Uniform Guidance.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. No amounts were passed through to subrecipients.
Title: NOTE 3: NON-CASH 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 Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. No amounts were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under
Uniform Guidance.
The commodities reported on the schedule are the value of the supplemental food program distributed by the District
during the year as priced by the North Dakota Department of Public Instruction (ND DPI). As of June 30, 2024, the
District had food commodities totaling $50,583 in inventory.
Title: NOTE 4: PASS-THROUGH GRANT NUMBER
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 Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. No amounts were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under
Uniform Guidance.
For federal programs marked “N/A”, the Board of Education of the City of Fargo was unable to obtain a pass-through
grant number.
Title: NOTE 5: INDIRECT COST RATE
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 Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. No amounts were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under
Uniform Guidance.
The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under
Uniform Guidance.