Notes to SEFA
Title: basis of presentation
Accounting Policies: NOTE A
De Minimis Rate Used: N
Rate Explanation: ENTITY DID NOT ELECT TO USE THE DE MINIMIS COST RATE
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Forrest City School District No. 7 (District) 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 (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 financial position of the District
Title: summary of significant accounting policies
Accounting Policies: NOTE A
De Minimis Rate Used: N
Rate Explanation: ENTITY DID NOT ELECT TO USE THE DE MINIMIS COST RATE
Expenditures reported on the Schedule are reported on the regulatory 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.
Title: nonmonetary assistance
Accounting Policies: NOTE A
De Minimis Rate Used: N
Rate Explanation: ENTITY DID NOT ELECT TO USE THE DE MINIMIS COST RATE
Nonmonetary assistance is reported at the approximate value as provided by the Arkansas Department of Human Service.
Title: indirect cost rate
Accounting Policies: NOTE A
De Minimis Rate Used: N
Rate Explanation: ENTITY DID NOT ELECT TO USE THE DE MINIMIS COST RATE
The District has elected not to use the 10 per cent de minimis indirect cost rate allowed under the Uniform Guidance.