Notes to SEFA
Title: NONMONETARY ASSISTANCE
Accounting Policies: A. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Consolidated School District No. IV of Jackson County, Missouri 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 Consolidated School District No. IV of Jackson County, Missouri, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Consolidated School District No. IV of Jackson County, Missouri.B. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The District receives commodities under the Food Distribution Program. The amount of expenditures presented on the Schedule of Expenditures of Federal Awards represent donated commodities used, which totaled $164,850 valued at the cost assigned to those commodities by the U.S. Department of Agriculture.
Title: SUBSEQUENT EVENTS
Accounting Policies: A. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Consolidated School District No. IV of Jackson County, Missouri 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 Consolidated School District No. IV of Jackson County, Missouri, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Consolidated School District No. IV of Jackson County, Missouri.B. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The District reclassified expenditures for the fiscal years ending June 30, 2023 and 2022, from non-federal to federal expenditures, thereby requiring correction of the Schedule of Expenditures of Federal Awards. Further, additional testing on the reclassified expenditures and reissuance of audit reports will be required for the prior years to comply with the Office of Management and Budget Uniform Guidance in 2 CFR 200 Subpart F, commonly known as the Single Audit. Such testing has not been completed prior to the date of this report. Any findings discovered in the prior years’ testing could be material and, accordingly, could affect the content of prior year findings on page 52 of this audit report, page 55 of the June 30, 2023 audit report and page 51 of the June 30, 2022 audit report. At the date of this report, December 12, 2024, it is unknown if this will affect the basic financial statements for the years ended June 30, 2022, 2023 and 2024.