Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Todd County School District (District) 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 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 District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
Title: NOTE 3 – SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
There were no subrecipients during the fiscal year.
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 5 – COMMODITIES
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the Schedule at the fair market value of the USDA food commodities received and disbursed.
Title: NOTE 6 - EXPLANATION OF NEGATIVE EXPENDITURES ON SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The District has elected to use indirect cost rates as defined by the grantor in the following program: Child Nutrition Cluster; The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
In the Schedule of Expenditures of Federal Awards (SEFA) certain grant expenditures are presented as negative amounts. These negative amounts represent reallocations between funding sources.