Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Note 1 and 2
De Minimis Rate Used: N
Rate Explanation: Note 3
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activity of the Volusia County District School Board under programs of the Federal Government for the fiscal 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 the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Note 1 and 2
De Minimis Rate Used: N
Rate Explanation: Note 3
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.
Title: Indirect Cost Rate
Accounting Policies: Note 1 and 2
De Minimis Rate Used: N
Rate Explanation: Note 3
The District has not elected to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.
Title: Noncash Assistance - National School Lunch Program
Accounting Policies: Note 1 and 2
De Minimis Rate Used: N
Rate Explanation: Note 3
Included in the amount reported for National School Lunch Program was $2,577,142 of donated food received during the 2023-24 fiscal year. Donated food is valued at fair value as determined at the time of donation.
Title: Contingency
Accounting Policies: Note 1 and 2
De Minimis Rate Used: N
Rate Explanation: Note 3
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the District. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable Federal and State laws and regulations.