Notes to SEFA
Title: Note 3 – Food Distribution:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Greenup County School District under the 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 the Greenup County School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de minimis indirect cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2024, commodities on hand are included on the total inventory of $119,372.
Title: Note 5 – Subrecipients:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Greenup County School District under the 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 the Greenup County School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity did not elect to use the de minimis indirect cost rate.
The Greenup County School District did not have subrecipients during the 2024 fiscal year.