Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Mitchell School District does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Mitchell School District No. 17-2 under programs of the federal governemnt 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 Mitchell School District No. 17-2, it is not intended to and does not present the financial position, changes in net position, or cash flows of Mitchell School District No. 17-2.
Title: Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Mitchell School District does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accural 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.
Title: Indirect Cost Rate:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Mitchell School District does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Mitchell School District does not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Federal Reimbursements:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Mitchell School District does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal reimbursements are not based upon specific expenditures. Therefore, the amounts reported here represent cash received rather than federal expenditures.
Title: Federal Loan Guarantee Program:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Mitchell School District does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Loans guaranteed under federal gaurantee loan programs and issued to parents of eligible students or eligible students attending this vocational technical school had the following values:
A private nonprofit coporation acts as the guarantee agency in the State of South Dakota.
Title: Federal Surplus Property:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: Mitchell School District does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount reported represents 23.3% of the original acquisition cost of the federal surplus property received by the school.