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 Granite Falls School District's financial statements. The Granite Falls 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 Granite Falls School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Granite Falls Schoold District used the federal restricted rate of 4.22%.
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Granite Falls School District's financial statements. The Granite Falls 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 Granite Falls School District's financial statements. The Granite Falls 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 Granite Falls School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Granite Falls Schoold District used the federal restricted rate of 4.22%.
The Granite Falls School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 - Federal Indirect Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Granite Falls School District's financial statements. The Granite Falls 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 Granite Falls School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Granite Falls Schoold District used the federal restricted rate of 4.22%.
The Granite Falls Schoold District used the federal restricted rate of 4.22%.
Title: Note 4 - Noncash Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Granite Falls School District's financial statements. The Granite Falls 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 Granite Falls School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Granite Falls Schoold District used the federal restricted rate of 4.22%.
The amount of food commodities reported on the schedule is the value of commodities at market value distributed by the Granite Falls School District during the current year and priced as prescribed by the USDA.