Notes to SEFA
Title: INTEREST SUBSIDIES
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (the “SEFA”) presents the activity of all federal award programs of The School District of Georgetown County (the “District”) for the year ended June 30, 2024. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the SEFA, with the exception of the interest subsidies described below. BASIS OF ACCOUNTING: The accompanying SEFA is presented using the modified accrual basis of accounting, which is described in the notes to the District’s financial statements. RELATIONSHIP TO FINANCIAL STATEMENTS: Federal award expenditures are reported in the District’s financial statements as expenditures of the Special Revenue funds. RELATIONSHIP TO FEDERAL FINANCIAL REPORTS: Amounts reported in the accompanying SEFA agree with the amounts reported in the related Federal financial reports except for timing differences relating to expenditures made subsequent to the filing of the Federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the District expended Federal interest subsidies in the amount of $844,654. These amounts, while included as Federal revenue in the Debt Service fund, are not included in the SEFA.
Title: PREPAID EXPENSES
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (the “SEFA”) presents the activity of all federal award programs of The School District of Georgetown County (the “District”) for the year ended June 30, 2024. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the SEFA, with the exception of the interest subsidies described below. BASIS OF ACCOUNTING: The accompanying SEFA is presented using the modified accrual basis of accounting, which is described in the notes to the District’s financial statements. RELATIONSHIP TO FINANCIAL STATEMENTS: Federal award expenditures are reported in the District’s financial statements as expenditures of the Special Revenue funds. RELATIONSHIP TO FEDERAL FINANCIAL REPORTS: Amounts reported in the accompanying SEFA agree with the amounts reported in the related Federal financial reports except for timing differences relating to expenditures made subsequent to the filing of the Federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the District made prepayments of $181,208 using Federal grant awards. These amounts, while included as Federal revenue in the Special Revenue funds in the current year, are not included in the SEFA as they will be included in the year the expenses are incurred.