Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: 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. Klawock City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: . Klawock City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Klawock City School District under programs of the federal government for the year ended June 30, 2023. 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 Klawock City School District, it is not intended to and does not present the basic financial statements of Klawock City School District.
Title: Note 3. Reconciliation to Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds
Accounting Policies: 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. Klawock City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: . Klawock City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
Impact Aid revenue is recognized when received; however, expenditures are applied to the prior year and a reserve is established annually for Impact Aid received under the current application.
Federal expenditures per the Schedule $ 2,371,878
Statutory Impact Aid reserved in FY22 (705,550)
Statutory Impact Aid received and reserved in FY23 952,008
Total federal revenues per Basic Financial Statements $ 2,618,336
Title: Note 4. Non-monetary Assistance
Accounting Policies: 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. Klawock City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
De Minimis Rate Used: N
Rate Explanation: . Klawock City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
Non-monetary assistance is reported in the Schedule at fair market value of the commodities received and disbursed. At June 30, 2023, the District had food commodities totaling $8,470.