Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Purdy School District R-II 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 Purdy School District R-II, it is not intended to and does not present the financial position, changes in net assets of the Purdy School District R-II.
Expenditures reported on the Schedule are reported on the modified cash 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.
The District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
Amounts reported in the accompanying schedule agree with the related federal financial reports in accordance with the Modified Cash Basis of Accounting.
For those funds that have matching revenues and state funding, federal expenditures were determined by deducting matching revenues from total expenditures.
The commodities received, which are non-cash revenues, are valued using prices provided by the United States Department of Agriculture.
The District provided no federal awards to subrecipients during the year ended June 30, 2024.