Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. 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
De Minimis Rate Used: N
Rate Explanation: The Ohio Valley Educational Service Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Ohio Valley Educational Service Center under programs of the federal government for the year ended June 30, 2024. 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 Ohio Valley Educational Service Center, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Ohio Valley Educational Service Center
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. 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
De Minimis Rate Used: N
Rate Explanation: The Ohio Valley Educational Service Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
Expenditures reported on the Schedule are reported on the cash basis of accounting. 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: NOTE C – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. 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
De Minimis Rate Used: N
Rate Explanation: The Ohio Valley Educational Service Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
The Ohio Valley Educational Service Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D - TRANSFERS BETWEEN PROGRAM YEARS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. 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
De Minimis Rate Used: N
Rate Explanation: The Ohio Valley Educational Service Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
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 Educational Service Center transferred the following amounts from 2023 to 2024 programs: