Notes to SEFA
Title: NOTE C - Food Distribution
Accounting Policies: The accompanying schedule of expenditures of federal awardsincludes the federal award activity of the Boyd County School District under the programs of the federal government for the year ended June 30, 2023. 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. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained the Uniform Guidance, wehrein certain types of expenditures are not allowable or are limited as reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Boyd County School District has not elected 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 commodities received and disbursed. At June 30, 2023, commodities on hand are included in the total inventory of $91,980.
Title: NOTE E - Transfers
Accounting Policies: The accompanying schedule of expenditures of federal awardsincludes the federal award activity of the Boyd County School District under the programs of the federal government for the year ended June 30, 2023. 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. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained the Uniform Guidance, wehrein certain types of expenditures are not allowable or are limited as reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Boyd County School District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Tranfers of federal funds between programs are included as expenditures of the receiving program. The District made the following tranfser of federal funds during the year ended June 30, 2023.