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 subrecipients. 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 and supplies are reported when distributed. Negative amounts, if any, shown on the Schedule represent adjustment or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District uses an indirect cost rate of 17% as approved by the Wyoming Department of Education.
The accompanying schedule of expenditures of federal awards, (“the Schedule”) includes the federal award activity of Carbon 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 Carbon County School District #1, it is not intended to and does not present the financial position, change in net assets, or cash flows of Carbon 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 subrecipients. 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 and supplies are reported when distributed. Negative amounts, if any, shown on the Schedule represent adjustment or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District uses an indirect cost rate of 17% as approved by the Wyoming Department of Education.
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 $39,065.