Notes to SEFA
Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. The accounts of the District are maintained, and the accompanying financial statements have been prepared, on the modified cash basis of accounting. Therefore, revenues and expenditures are recognized only when collected or paid, and receivables and accrued liabilities are not reflected in the financial statements.
The District receives commodities under the Food Distribution Program. The amount of expenditures presented on the Schedule of Expenditures of Federal Awards represent donated commodities used, which totaled $13,511, valued at the cost assigned to those commodities by the Food Service Section of the Department of Elementary and Secondary Education.
The District did not provide funds to subrecipients in the current year.
The District elected not to use the 10% de minimis indirect cost rate. The Missouri Department of Elementary and Secondary Education has approved the following indirect cost rates for the District: Non-restricted 7.55% and Restricted 0.28%. The indirect cost rates are calculated annually by the Missouri Department of Elementary and Secondary Education according to agreements between the Missouri Department of Elementary and Secondary Education and the U. S. Department of Education.