Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable,
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. No federal financial assistance
has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the District under programs of the federal government for the year ended June 30, 2024. The information 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 or changes in net position or fund balance of the District.
Title: Note 4 - Schoolwide Title I Program
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable,
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. No federal financial assistance
has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
Billings Public Schools operates a schoolwide Title I program. Since schoolwide programs are not a separate federal
program, amounts used in the schoolwide programs are included in the total expenditures of the program
contributing the funds in the accompanying schedule of expenditures of federal awards.
Title: Note 5 - Food Distribution
Accounting Policies: Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable,
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. No federal financial assistance
has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
Non-monetary assistance is reported in the schedule of expenditures of federal awards at the fair market value
of commodities received and disbursed.