Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: See page 90 of the pdf file.
De Minimis Rate Used: N
Rate Explanation: Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Regional School Unit #67, Maine 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 Regional School Unit #67, Maine, it is not intended to and does not present the financial position or changes in net position of Regional School Unit #67, Maine.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: See page 90 of the pdf file.
De Minimis Rate Used: N
Rate Explanation: Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: INDIRECT COST RATE
Accounting Policies: See page 90 of the pdf file.
De Minimis Rate Used: N
Rate Explanation: Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: PASS-THROUGH AWARDS
Accounting Policies: See page 90 of the pdf file.
De Minimis Rate Used: N
Rate Explanation: Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Regional School Unit #67, Maine receives certain federal awards in the form of pass-through awards from the State of Maine. Such amounts received as pass-through awards are specifically identified on the Schedule.
Title: NONMONETARY ASSISTANCE
Accounting Policies: See page 90 of the pdf file.
De Minimis Rate Used: N
Rate Explanation: Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported on the Schedule of Expenditures of Federal Awards totaling $37,927. This assistance consists of U.S.D.A Donated Commodities which are reported at their fair value.
Title: MAJOR PROGRAMS
Accounting Policies: See page 90 of the pdf file.
De Minimis Rate Used: N
Rate Explanation: Regional School Unit #67, Maine has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with the Uniform Guidance, major programs are determined using a risk-based approach. Programs in the accompanying Schedule denoted with an asterisk (*) are determined by the independent auditor to be major programs.