Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Kuspuk School District under programs of the federal government for the year ended June 30, 2023. 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 Kuspuk School District, it is not intended to and does not present the basic financial statements of Kuspuk School District.
De Minimis Rate Used: N
Rate Explanation: Kuspuk School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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. The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Subrecipient
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Kuspuk School District under programs of the federal government for the year ended June 30, 2023. 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 Kuspuk School District, it is not intended to and does not present the basic financial statements of Kuspuk School District.
De Minimis Rate Used: N
Rate Explanation: Kuspuk School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No federal funds were passed through to subrecipients.
Title: Non-monetary Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Kuspuk School District under programs of the federal government for the year ended June 30, 2023. 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 Kuspuk School District, it is not intended to and does not present the basic financial statements of Kuspuk School District.
De Minimis Rate Used: N
Rate Explanation: Kuspuk School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Non-monetary assistance is reported in the schedule at fair market value of commodities received and disbursed. For the year ended June 30, 2023, the District received $41,469 in commodities.
Title: Total Expenditures for ALN 84.425
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Kuspuk School District under programs of the federal government for the year ended June 30, 2023. 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 Kuspuk School District, it is not intended to and does not present the basic financial statements of Kuspuk School District.
De Minimis Rate Used: N
Rate Explanation: Kuspuk School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Kuspuk School District received funding under Assistance Listing 84.425 from the following pass-through entities:
State of Alaska Department of Education and Early Development $ 1,090,39
Alaska Council of School Administrators 16,681
Total ALN 84.425 $ 1,106,720