Notes to SEFA
Title: Note 2—Relationship to basic financial statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes federal grant activity of the School Board of the City of Newport News, Virginia (the “School Board”) and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board did not use the 10% de minimis indirect cost rate, but rather used 3%.
Total expenditures as shown on the Schedule of Expenditures of Federal awards: See Notes to the SEFA for chart/table.
Title: Note 4—Sub-recipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes federal grant activity of the School Board of the City of Newport News, Virginia (the “School Board”) and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board did not use the 10% de minimis indirect cost rate, but rather used 3%.
The School Board operates on a contractual basis with its grant partners and, therefore, does not have any subrecipients.