Notes to SEFA
Title: BASIS OF PRESENTATION & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: CASH BASIS
De Minimis Rate Used: N
Rate Explanation: N/A NOT USED
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of North Fork Local School District (the District) under programs of the federal government for the year ended June 30, 2024 and is prepared in accordance with the cash basis of accounting. The information on this Schedule is prepared 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 of the District. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: CASH BASIS
De Minimis Rate Used: N
Rate Explanation: N/A NOT USED
CFR Section 200.414 of the Uniform Guidance allows a non-federal entity that has never received a negotiated indirect cost rate to charge a de minimis rate of 10% of modified total direct costs to indirect costs. The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: CHILD NUTRITION CLUSTER
Accounting Policies: CASH BASIS
De Minimis Rate Used: N
Rate Explanation: N/A NOT USED
The District commingles cash receipts from the U.S. Department of Agriculture with similar State grants. When reporting expenditures on this Schedule, the District assumes it expends federal monies first.
Title: FOOD DONATION PROGRAM
Accounting Policies: CASH BASIS
De Minimis Rate Used: N
Rate Explanation: N/A NOT USED
The District reports commodities consumed on the Schedule at the fair value. The District allocated donated food commodities to the respective program that benefitted from the use of those donated food commodities.
Title: TRANSFER BETWEEN PROGRAM YEARS
Accounting Policies: CASH BASIS
De Minimis Rate Used: N
Rate Explanation: N/A NOT USED
Federal regulations require schools to obligate certain federal awards by June 30. However, with DEW’s consent, schools can transfer unobligated amounts to the subsequent fiscal year’s program. The District transferred the following amounts from 2024 to 2025 programs: SEE CHART
Title: PASS THROUGH FUNDS
Accounting Policies: CASH BASIS
De Minimis Rate Used: N
Rate Explanation: N/A NOT USED
The District was awarded federal program allocations to be administered on their behalf by Licking County Title III Consortium for fiscal year 2024, the District’s allocations were as follows: SEE CHART