Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule 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.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The School Unit has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Regional School Unit No. 40 (the School Unit) 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 the School Unit, it is not intended to and does not present the financial position of the governmental activities, the major fund and the aggregate remaining fund information of the School Unit as of June 30, 2024, and respective changes in financial position for the year
then ended in accordance with accounting principles generally accepted in the United States of America.
Title: FOOD DISTRIBUTION
Accounting Policies: Expenditures reported on the Schedule 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.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The School Unit has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities consumed. At June 30, 2024, the School Unit had food commodities totaling $4,915 in inventory.