Notes to SEFA
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and certain related state grant activity of the Milton Area School District (the District). 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 District’s operations, it is not intended to and does not present the District’s financial position, changes in net assets/fund balance, or cash flows.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to the amounts of expenditures reported and deferred amounts.
Deferred balances at the beginning and end of the fiscal year represent inventories of USDA donated commodities. Such commodity inventories are valued at USDA provided unit values. Other deferred amounts represent grant funds recovered from the sale of a prior-year’s grant-funded equipment item as sold incidental to the sale of a District elementary school building expected to be used during fiscal year 2024-2025.
The accompanying Schedule does not include indirect costs related to the operation of the District’s federal and related state grant programs. The District has utilized neither a federally negotiated rate nor the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance to capture and include any such indirect costs associated with federal awards.
The District is a subrecipient of federal awards, does not function as a pass-through to other subrecipients, and $0 of the District’s grant awards have been passed-through.