Notes to SEFA
Title: Basis of Determining the Value of Non-Cash Awards Expended
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Summit School District, and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the 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 general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District does not opt to use the 10% de minimis cost rate allowed in Title 2 U.S. Code of Federal Regulations (CFR), Part 200.414 Indirect (F & A) costs.
Food Commodities: Fair market value of commodities at the time recipient received award and the assessed value provided by the federal agency.
Title: Sub recipients
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of Summit School District, and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the 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 general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District does not opt to use the 10% de minimis cost rate allowed in Title 2 U.S. Code of Federal Regulations (CFR), Part 200.414 Indirect (F & A) costs.
The District did not provide any federal funds listed in the Schedule of Expenditures of Federal Awards received to sub recipients.