Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA is presented on a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: KFCS follows the ODE Indirect Cost Certification of 3.92%
The Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. The information in the
schedule is presented in accordance with the requirements of the Uniform Guidance; therefore, some amounts presented in the
schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Indirect Cost Rate
Accounting Policies: The SEFA is presented on a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: KFCS follows the ODE Indirect Cost Certification of 3.92%
The District does not use the 10% de minimis indirect cost rate as allowed by the Uniform Guidance.
Title: Federal Financial Assistance
Accounting Policies: The SEFA is presented on a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: KFCS follows the ODE Indirect Cost Certification of 3.92%
Pursuant to Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or
indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance
or direct appropriations. Accordingly, non-monetary federal assistance, including federal surplus property, is included in federal
financial assistance and, therefore, is reported on the schedule of expenditures of federal awards, if applicable. Federal financial
assistance does not include direct federal cash assistance to individuals. Solicited contracts between the state and federal
government for which the federal government procures tangible goods or services are not considered to be federal financial
assistance.
Title: Major Programs
Accounting Policies: The SEFA is presented on a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: KFCS follows the ODE Indirect Cost Certification of 3.92%
Uniform Guidance establishes criteria to be used in defining major federal financial assistance programs. Major programs for the
District are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum
expenditure requirements, as outlined in Uniform Guidance. Programs with similar requirements may be grouped into a cluster
for testing purposes.
Title: Reporting Entity
Accounting Policies: The SEFA is presented on a modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: KFCS follows the ODE Indirect Cost Certification of 3.92%
The reporting entity is fully described in notes to the financial statements. The Schedule includes all federal programs
administered by the District for the year ended June 30, 2024.