Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal award
activity of the Menifee Union School District (the District) under programs of the federal government for the
year ended June 30, 2024. The information 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 District, it is not intended to and does not present the financial position, changes in net position or fund
balance of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.
Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When
applicable, 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. No federal financial
assistance has been provided to a subrecipient.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.
The District has not elected to use the ten percent de minimis cost rate.
Title: Food Donation
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and
disbursed. At June 30, 2024, the District had no food commodities in inventory.
Title: SEFA Reconciliation
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.
The following schedule provides reconciliation between revenues reported on the Statement of Revenues,
Expenditures, and Changes in Fund Balances, and the related expenditures reported on the Schedule of
Expenditures of Federal Awards. The reconciling amounts consist primarily of COVID-19: ARP California State
Preschool Program One-time Stipend funds that in the previous period were recorded as revenues but were
unspent. These unspent balances have been expended in the current period.