Notes to SEFA
Title: NOTE 1—BASIS OF ACCOUNTING
Accounting Policies: NOTE 1—BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Ferndale School District’s financial statements. The Ferndale 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: NOTE 2—FEDERAL INDIRECT RATE
The Ferndale School District used the federal restricted indirect rate of 2.42%. Ferndale School District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Ferndale School District’s financial statements. The Ferndale 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 INDIRECT RATE
Accounting Policies: NOTE 1—BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Ferndale School District’s financial statements. The Ferndale 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: NOTE 2—FEDERAL INDIRECT RATE
The Ferndale School District used the federal restricted indirect rate of 2.42%. Ferndale School District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Ferndale School District used the federal restricted indirect rate of 2.42%. Ferndale School District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3—NONCASH AWARDS
Accounting Policies: NOTE 1—BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Ferndale School District’s financial statements. The Ferndale 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: NOTE 2—FEDERAL INDIRECT RATE
The Ferndale School District used the federal restricted indirect rate of 2.42%. Ferndale School District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The dollar amount of commodities reported on the schedule is the value of commodities distributed by the Ferndale School District during the current year and priced as prescribed by USDA