Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Food Distribution, Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The entity uses a cost rate approved by the State Department of Education
The accompany schedule of expenditures of federal awards (the Schedule) includes federal award activity of The Morgan County Board of Education (Board) under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with 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 selected portion of the operations of the Board, it is not intended to and does not present the financial position, change of net position, or cash flow of the Board.
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Food Distribution, Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The entity uses a cost rate approved by the State Department of Education
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.
Title: Food Distribution
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Food Distribution, Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The entity uses a cost rate approved by the State Department of Education
Nonmonetary assistance is reported in the Schedule at the fair market value of commodities received and disbursed. At September 30, 2024, the organization had food commodities totaling $268,834 in inventory.
Title: Indirect Cost Rate
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Food Distribution, Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: The entity uses a cost rate approved by the State Department of Education
The Board has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance