Notes to SEFA
Title: Note 3: Non-Cash Assistance
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10-
percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Included in the amounts reported on the SEFSA, the Board received non-cash assistance in the form of food
commodities and school buses. Non-cash items with a fair value of $681,085 were received during the year
ended June 30, 2024. These non-cash items received were included in the determination of federal and state
awards expended for the year ended June 30, 2024.