Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Haleyville City Board of Education has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The U.S. Department of Education delegated authority to Alabama State Department of Education to establish Indirect Cost Rates for the LEA's in Alabama, inclusive of The Haleyville City Board of Education. The Board submits an annual Indirect Cost Rate Proposal to the Alabama State Department of Education and must have have an approved indirect cost rate to recover any indirect costs for administration of federal grants.
he accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Haleyville City Board of Education under programs of the federal government for the year ended September 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Haleyville City Board of Education, it is not intended to and does present the financial position, changes in net position or cash flows of the Haleyville City Board of Education.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Haleyville City Board of Education has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The U.S. Department of Education delegated authority to Alabama State Department of Education to establish Indirect Cost Rates for the LEA's in Alabama, inclusive of The Haleyville City Board of Education. The Board submits an annual Indirect Cost Rate Proposal to the Alabama State Department of Education and must have have an approved indirect cost rate to recover any indirect costs for administration of federal grants.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3 - Non-Cash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Haleyville City Board of Education has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The U.S. Department of Education delegated authority to Alabama State Department of Education to establish Indirect Cost Rates for the LEA's in Alabama, inclusive of The Haleyville City Board of Education. The Board submits an annual Indirect Cost Rate Proposal to the Alabama State Department of Education and must have have an approved indirect cost rate to recover any indirect costs for administration of federal grants.
The Haleyville City Board of Education is the recipient of certain non-cash assistance in the form of donated commodities received from the U.S. Department of Agriculture. Revenues and expenditures are recorded for the value of commodities received. In addition, the Haleyville City Board of Education may receive certain other non-cash assistance from federal and state awarding agencies. The amount of non-cash assistance received at September 30, 2024 was $94,910.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Haleyville City Board of Education has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The U.S. Department of Education delegated authority to Alabama State Department of Education to establish Indirect Cost Rates for the LEA's in Alabama, inclusive of The Haleyville City Board of Education. The Board submits an annual Indirect Cost Rate Proposal to the Alabama State Department of Education and must have have an approved indirect cost rate to recover any indirect costs for administration of federal grants.
The Haleyville City Board of Education has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.