Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. When federal grants are received on a
reimbursement basis, the federal awards are considered expended when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: The School Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
A. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity
of the School Corporation under programs of the federal government for the period of July 1, 2022 through
June 30, 2024. The information in the SEFA 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 SEFA presents only a select
portion of the operations of the School Corporation, it is not intended to and does not present the financial
position of the School Corporation.
The Uniform Guidance requires an annual audit of nonfederal entities expending a total amount of federal
awards equal to or in excess of $750,000 in any fiscal year unless by constitution or statute a less frequent
audit is required. In accordance with Indiana Code (IC 5-11-1-25), audits of school corporations shall be
conducted biennially. Such audits shall include both years within the biennial period.
B. Other Significant Accounting Policies
Expenditures reported on the SEFA are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. When federal grants are received on a
reimbursement basis, the federal awards are considered expended when the reimbursement is received.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. When federal grants are received on a
reimbursement basis, the federal awards are considered expended when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: The School Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The School Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: NOTE 3 - OTHER INFORMATION
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. When federal grants are received on a
reimbursement basis, the federal awards are considered expended when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: The School Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The School Corporation did not have any subrecipient activity for the period of July 1, 2022 through June 30,
2024.
Title: NOTE 4 - NON-CASH PROGRAMS (COMMODITIES)
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. When federal grants are received on a
reimbursement basis, the federal awards are considered expended when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: The School Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Commodities donated to the School Corporation by the U.S. Department of Agriculture (USDA) of $44,866
are valued based on the USDA’s donated commodity price list. These are shown as part of the National
School Lunch Program (10.555).
Title: NOTE 5 - SPECIAL EDUCATION COOPERATIVE (ALN: 84.027, 84.027X, 84.173, 84.173X)
Accounting Policies: Expenditures reported on the SEFA are reported on the cash basis of accounting. Such expenditures are
recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. When federal grants are received on a
reimbursement basis, the federal awards are considered expended when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: The School Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The School Corporation is a member of the Greater Randolph Interlocal Cooperative (Cooperative), which
operates the special education program for the School Corporation. As a result, some activity for the Special
Education Cluster (IDEA) that is presented on the SEFA is not presented as receipts and disbursements in
the financial statement for the School Corporation. This activity is reported on the financial statement of the
Cooperative.