Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund finanical statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: Platte County School District #1 has not utilized the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Platte County School District #1 under 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 the Audit Requirements for Federal Awards (Uniform Guidance). All federal financial awards received directly from federal agencies as well as federal financial awards passed through from other governmental agencies are included in the schedule. Of the federal expenditures presented in the schedule, the District provided no federal awards to subrecipients. Because the schedule presents only a selected portion of the operations of Platte County School District #1, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Platte COunty School District #1.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund finanical statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: Platte County School District #1 has not utilized the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund finanical statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
Title: Commodities
Accounting Policies: Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund finanical statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: Platte County School District #1 has not utilized the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance, such as food received from the United State Department of Agriculture, is reported as revenue, at fair market value, on the date received by the District.
Title: Indirect Cost Rates
Accounting Policies: Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund finanical statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: Platte County School District #1 has not utilized the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Platte County School District #1 has not utilized the 10 percent de minimis indirect cost rate as allowed under the Unifrom Guidance.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund finanical statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accrual criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
De Minimis Rate Used: N
Rate Explanation: Platte County School District #1 has not utilized the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No funds have been passed on to subrecipients.
Items with an asterisk (*) are major programs.