Notes to SEFA
Title: Note 3 – Food Distribution:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Morgan County Board of Education and is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The Morgan County Board of Education did not elect to use the 10% de minimus indirect cost rate for its federal programs.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2024, commodities received were valued at $71,072.
Title: Note 4 – Subrecipients:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Morgan County Board of Education and is presented on the accrual basis of accounting. 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).
De Minimis Rate Used: N
Rate Explanation: The Morgan County Board of Education did not elect to use the 10% de minimus indirect cost rate for its federal programs.
The Morgan County Board of Education did not have subrecipients during the 2024 fiscal year.