Notes to SEFA
Title: General
Accounting Policies: The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Unifrom Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The School Board has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures fo Federal Awards (the Schedule) includes the federal award activity of the Vermilion Parish School Board (the School Board) under programs of the federal governement 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becuase the schedule presents only a selected portion of the operations of Vermilion Parish School Board, it is not intended to and does not preesnet the financial position, changes in net assets, or cash flows of the School Board.
Title: Basis of Accounting
Accounting Policies: The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Unifrom Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The School Board has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which descirebed in Note 1 to the School Board's basic financial statemnts for the year ended June 30, 2024. Such expenditures are recognized follwoing the cost principles contained in the Uniform Guidance, where ceratin types of expenditures are not allwoable or are limited as to reimbursement.
Title: Noncash Programs
Accounting Policies: The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Unifrom Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The School Board has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The commodities received, which are noncash reveneus, are valued using pricing provided by the United States Departement of Agriculture
Title: Indirect Cost Rate
Accounting Policies: The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Unifrom Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The School Board has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The School Board has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.