Notes to SEFA
Accounting Policies: Note 1. Summary of Significant Accounting Policies
A. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal
award activity of the School Corporation under programs of the federal government for the
years ended June 30, 2023 and 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 non-federal 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 the Uniform Guidance,
wherein certain types of expenditures are not allowable 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: Note 2. Indirect Cost Rate
The School Corporation has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.