Notes to SEFA
Title: Note A-Scope of Audit Pursuant to the Uniform Guidance and the Single Audit Act of 1984
Accounting Policies: Basis of Presentation and Accrued and Deferred Reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ozark City Board of Education has not elected to use the 10% de minimis indirect rate as allowed in the
Uniform Guidance.
The Ozark City Board of Education (the "Board") is an agency of the State of Alabama. All significant operations
of the Board are included in the scope of the Single Audit Act of 1984 and amendment of 1996, and the Uniform
Guidance.
Title: Note B-Fiscal Period Audited
Accounting Policies: Basis of Presentation and Accrued and Deferred Reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ozark City Board of Education has not elected to use the 10% de minimis indirect rate as allowed in the
Uniform Guidance.
Single audit testing procedures were performed for program transactions occurring during the fiscal year ended
September 30, 2024. Grant and appropriation terms are indicated in the Schedule of Expenditures of Federal
Awards.
Title: Note C - Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation and Accrued and Deferred Reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ozark City Board of Education has not elected to use the 10% de minimis indirect rate as allowed in the
Uniform Guidance.
Basis of Presentation
The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting.
Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for
the respective grants. Several programs are funded jointly by state or local appropriations and federal funds.
Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of
revenue available when they properly apply to the grant, except as described below.
Accrued and Deferred Reimbursement
Various reimbursement procedures are used for federal awards received by the Board. Consequently, timing
differences between expenditures and program reimbursements can exist at the beginning and end of the year.
Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date.
Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date.
Generally, accrued or deferred balances caused by differences in the timing of cash reimbursements and
expenditures will be reversed in the remaining grant period.
De Minim is Indirect Rate
The Ozark City Board of Education has not elected to use the 10% de minimis indirect rate as allowed in the
Uniform Guidance.