Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal
grant activity of Pinon Community School Board, Inc. (the "School"). 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 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 School, it is
not intended to and does not present the financial position, changes in net position or cash flows of the
School.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
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 applicable Uniform Guidance
cost principles, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Any negative amounts shown on the Schedule represent adjustments or credits made in
the normal course of business to amounts reported as expenditures in prior years. Pass-through entity
identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: Federal Assistance Listing Numbers
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The program titles and federal assistance listing numbers were obtained from the federal or pass-through
grantor or the 2024 federal assistance listing. When no federal assistance listing number had been
assigned to a program, the two-digit federal agency identifier, a period, and the federal contract number
were used. When there was no federal contract number, the two-digit federal agency identifier, a period,
and the word “unknown” were used.
Title: Non Cash Assistance
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The School received noncash assistance in the amount of $4,908 for FY 2024.