Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards included the federal award activity of MOC-Floyd Valley Community School District under programs of the federal government for the year ended June 30, 2025. 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 financial position, or cash flows of the District. MOC-Floyd Valley Foundation (MOCFVF) is a component unit at the MOC-Floyd Valley Community School District. MOCFVF does not issue separate financial statements and has not been separately audited. The financial information of MOCFVF is not included in the MOC-Floyd Valley Community School District’s basic financial statements, and, accordingly, any federal awards expended by MOCFVF, if any, are not included in the accompanying Schedule of Expenditures of Federal Awards.
Expenditures reported in the Schedule are reported on the accrual or modified 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. MOC-Floyd Valley Community School District has not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The District had no federal expenditures that were paid to grant subrecipients.