Notes to SEFA
Title: General
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The entity voluntarily opted not to use the federal de minimis cost rate. In some instances, the entity used the indirect cost rate allowed by the Louisiana Department of Education.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the St. Martin Parish School Board (the School Board). 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Basis of Accounting
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The entity voluntarily opted not to use the federal de minimis cost rate. In some instances, the entity used the indirect cost rate allowed by the Louisiana Department of Education.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the School Board's basic financial statements for the year ended June 30, 2024.
Title: Indirect cost rate
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The entity voluntarily opted not to use the federal de minimis cost rate. In some instances, the entity used the indirect cost rate allowed by the Louisiana Department of Education.
The School Board has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Relationship to Federal Financial Reports
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The entity voluntarily opted not to use the federal de minimis cost rate. In some instances, the entity used the indirect cost rate allowed by the Louisiana Department of Education.
Amounts reported in the Schedule of Expenditures of Federal Awards agree with the amounts reported in the related federal financial reports.