Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SCHEDULE ARE REPORTED ON THE ACCRUAL OR MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: Both
Rate Explanation: THE PCM COMMUNITY SCHOOL DISTRICT HAS ELECTED NOT TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF PCM COMMUNITY SCHOOL DISTRICT UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2023. THE INFORMAITON IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2, U.S. CODE OF FEDERAL REGULATIONS, PART 200, UNIFORM ADMINISTRATIVE REQUIRMENTS, COST PRINCIPLES AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECASUE THE SCHEDULE PRESENTS ONLY A SLECTED PORTION OF THE OPERATIONS OF PCM COMMUNITY SCHOOL DISTRICT, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN FINANCIAL POSITION OR CASH FLOWS OF PCM COMMUNITY SCHOOL DISTRICT.