Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. No federal financial assistance has been provided to sub recipients. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditure are not allowable or are limited as to reimbursement. Food commodities are reported when distributed. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Park County School District #1 has elected to use the 7 percent de minimis indirect cost rate for the Substance Abuse and Mental Health Services Projects of Regional and National Significance grant.
Park County School District #1 has elected to use the 15.05%-15.66% indirect cost rate for the Education Stabilization Fund grants.
Park County School District #1 has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance on the remaining grants.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Park County School District #1 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 Park County School District #1, it is not intended to and does not present the financial position, changes in net position, or cash flows of Park County School District #1.
Title: Food Donation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. No federal financial assistance has been provided to sub recipients. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditure are not allowable or are limited as to reimbursement. Food commodities are reported when distributed. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Park County School District #1 has elected to use the 7 percent de minimis indirect cost rate for the Substance Abuse and Mental Health Services Projects of Regional and National Significance grant.
Park County School District #1 has elected to use the 15.05%-15.66% indirect cost rate for the Education Stabilization Fund grants.
Park County School District #1 has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance on the remaining grants.
Nonmonetary assistance is reported in this Schedule at the fair market value of the commodities received and disbursed. At June 30, 2024, the Schedule reports food commodities totaling $74,411.