Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of federal awards and the schedule of state awards are reported on the
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.
The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity
of the Board of Education, Town of Greeneville, Tennessee, under programs of the federal government for the
year ended June 30, 2024. The information in the 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 Board of Education, it is not intended to and does not present the financial position, change
in net position, or cash flows of the Board of Education.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule of federal awards and the schedule of state awards are reported on the
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.
The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the schedule of federal awards and the schedule of state awards are reported on the
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.
The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Food Distribution
Accounting Policies: Expenditures reported on the schedule of federal awards and the schedule of state awards are reported on the
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.
The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the schedule at fair market value of the commodities received and
disbursed.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule of federal awards and the schedule of state awards are reported on the
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.
The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Board of Education provided federal and state awards to subrecipients as follows:
Title: Consolidated Administration
Accounting Policies: Expenditures reported on the schedule of federal awards and the schedule of state awards are reported on the
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.
The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Board has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following amounts were consolidated for administration purposes: