Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Indirect Cost Rate
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Mitchell County Board of Education (the
"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 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 Board, it is not intended to and does not present the financial
position or changes in net position of the Board.
Title: Transfers Between Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Indirect Cost Rate
Funds totaling $139,161.00 and $182,246.00 were transferred from the Student Support and Academic Enrichment Program (ALN 84.424A) and Supporting
Effective Instruction State Grants Program (ALN 84.367A) and expended in the Title I Grants to Local Education Agencies program (ALN 84.010A) during Fiscal Year
2024.
Title: Schoolwide Consolidation of Funds
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Indirect Cost Rate
Federal, state, and local funds were consolidated into one fund to support Title I schools operating a schoolwide program. The following federal programs and
amounts were included in this schoolwide consolidation of funds: ALN Program Name Amount
84.010A Title I Grants to Local Educational Agencies $ 1,905,929.98
84.358B Rural Education - Rural and Low-Income School Program 3 4,543.32
Total Federal Funds in Schoolwide Consolidation of Funds $ 1,940,473.30