Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and was prepared using significant accounting policies outlined in Note I to the financial statements. Such expenditures are recognized following the cost principles contained in the Uniform guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were claimed.
The accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the Federal award activity of the Grand Isle Supervisory Union under programs of the federal government for the year ended June, 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of operation of the Grand Isle Supervisory Union, it is not intended to and does not present the financial position, changes in net position, or cash flow of the Grand Isle Supervisory Union.