Notes to SEFA
Title: Note 1 – Basis of Accounting
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Stanwood-Camano School District financial statements. The Stanwood-Camano School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Stanwood-Camano School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Stanwood-Camano School District used the federal restricted rate of 5.32% or the federal unrestricted rate of 14.46% or 12.29%, whichever was applicable to the individual federal award.
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Stanwood-Camano School District financial statements. The Stanwood-Camano School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
Title: Note 2 – Federal De Minimis Indirect Cost Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Stanwood-Camano School District financial statements. The Stanwood-Camano School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Stanwood-Camano School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Stanwood-Camano School District used the federal restricted rate of 5.32% or the federal unrestricted rate of 14.46% or 12.29%, whichever was applicable to the individual federal award.
The Stanwood-Camano School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Stanwood-Camano School District used the federal restricted rate of 5.32% or the federal unrestricted rate of 14.46% or 12.29%, whichever was applicable to the individual federal award.
Title: Note 3 – Noncash Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Stanwood-Camano School District financial statements. The Stanwood-Camano School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Stanwood-Camano School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Stanwood-Camano School District used the federal restricted rate of 5.32% or the federal unrestricted rate of 14.46% or 12.29%, whichever was applicable to the individual federal award.
The amount of commodities reported on the Schedule is the value of commodities received by the Stanwood-Camano School District during current year and priced as prescribed by the U.S. Department of Agriculture.
Title: Note 4 - Transferability
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Stanwood-Camano School District financial statements. The Stanwood-Camano School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The Stanwood-Camano School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Stanwood-Camano School District used the federal restricted rate of 5.32% or the federal unrestricted rate of 14.46% or 12.29%, whichever was applicable to the individual federal award.
As allowed by federal regulations, the Stanwood-Camano School District elected to transfer program funds. The district expended $42,000 from Title IV, Student Support and Academic Enrichment Program (84.424) on allowable activities of the Title II, Part A Supporting Effective Instruction State Grants (84.367). This amount is reflected on the Schedule in the expenditures of Title II, Part A Supporting Effective Instruction State Grants (84.367).