Notes to SEFA
Title: Food Donation
Accounting Policies: 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 allowed or are limited as to reimbursement. Food commodities are reported when distributed. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #1 does not use the 10% de minimis cost rate. The State of Wyoming Department of Education sets the indirect cost rate applicable to each pass-through grant each year. Rates in effect for the year ended June 30, 2022 ranged from 1.73% to 2.46%.
Nonmonetary assistance is reported in this Schedule at the fair market value of the commodities received and disbursed. At June 30, 2022, the Schedule reported food commodities totaling $50,892.
Title: Basis of Presentation
Accounting Policies: 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 allowed or are limited as to reimbursement. Food commodities are reported when distributed. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #1 does not use the 10% de minimis cost rate. The State of Wyoming Department of Education sets the indirect cost rate applicable to each pass-through grant each year. Rates in effect for the year ended June 30, 2022 ranged from 1.73% to 2.46%.
The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of Fremont County School District #1 under programs of the federal government for the year ended June 30, 2022. 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 Fremont County School District #1, it is not intended to and does not present the financial position, change in net assets, or cash flows of Fremont County School District #1.