Notes to SEFA
Title: Note 1 - Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The School Board has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Expenditures reported in the Schedule are reported on the 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: Note 2 - Indirect Cost Rate:
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The School Board has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The School Board has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Title: Note 3 - Basis of Presentation:
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The School Board has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activity
of the School Board under programs of the federal government for the 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 (CFR) 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 School Board, it is not intended to and does not present the financial position and changes
in net position of the School Board.
Title: Note 4 - Donated Food Commodities Value:
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The School Board has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Donated food commodities represent surplus agricultural commodities received from the U.S. Department of
Agriculture (CFDA #10.555), passed-through from the West Virginia Department of Agriculture. Commodities
are valued based on amounts as established by the U.S. Department of Agriculture.
For the year ended June 30, 2024, total expenditures were $93,893.