Notes to SEFA
Title: Note 3 - Program Costs/Matching Contributions
Accounting Policies: NOTE 1: Basis of Accounting
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Hockinson School Districts Financial Statements. The Hockinson 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 De Minimis Indirect Rate
The Hockinson School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform guidance. The Hockinson School District uses the federal restricted rate of 5.58%.
The amounts shown as current year expenses represent only the federal grant portion of the program cost. Entire program costs, included the Hockinson School Districts local matching share, may be more than shown. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 4 - 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 Hockinson School Districts Financial Statements. The Hockinson 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 De Minimis Indirect Rate
The Hockinson School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform guidance. The Hockinson School District uses the federal restricted rate of 5.58%.
The amount of commodities reported on the schedule is the value of commodities distributed by the Hockinson School District during the current year and priced as prescribed by the USDA.