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 Sarasota 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: Disaster Grants - Public Assistance (Presidentially Declared Disasters)
Accounting Policies: Note 1 and 2
De Minimis Rate Used: N
Rate Explanation: Note 3
The District incurred $2,979,589 in expenditures for the Disaster Grants - Public Assistance (Presidentially Declared Disasters) grant in a prior fiscal year.