Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: See form tab
De Minimis Rate Used: N
Rate Explanation: See form tab
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Tri-County Regional Vocational Technical School District (the “District”) under programs of the federal government for the year ended June 30, 2024. The information in the 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 District, it is not intended to and does not present the financial position or changes in net position of the District.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: See form tab
De Minimis Rate Used: N
Rate Explanation: See form tab
Expenditures reported on 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 to reimbursement.
The amounts reported for the National School Lunch Program – Non-Cash Assistance represent the fair value of commodities received.
Title: Note 3 - De Minimis Cost Rate
Accounting Policies: See form tab
De Minimis Rate Used: N
Rate Explanation: See form tab
The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Subrecipients
Accounting Policies: See form tab
De Minimis Rate Used: N
Rate Explanation: See form tab
Of the federal expenditures presented in the schedule, the District did not provide federal awards to subrecipients.