Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the financial statement 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.
De Minimis Rate Used: N
Rate Explanation: Allowed under the Uniform Guidance
The accompanying schedule of expenditures federal awards includes the federal grant activity of Collierville Schools (the “Schools”). The information in this financial statement 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 Schools, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company. During they year ended June 30, 2024, the Schools did not pass through any federal funds to subrecipients and there were no loan programs
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the financial statement 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.
De Minimis Rate Used: N
Rate Explanation: Allowed under the Uniform Guidance
Expenditures reported on the financial statement 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 Schools have not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance
Title: Non-Monetary Assistance
Accounting Policies: Expenditures reported on the financial statement 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.
De Minimis Rate Used: N
Rate Explanation: Allowed under the Uniform Guidance
Non-monetary assistance is reported in the schedule of expenditures of federal and state awards at the fair market value of the commodities received and disbursed. For the year ended June 30, 2024, the Board of Education of Collierville Schools received food commodities totaling $122,676.