Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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.
De Minimis Rate Used: N
Rate Explanation: The entity has not elected to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Bell City R-II School District under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance wih the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principle, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Bell City R-II School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bell City R-II School District.