Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: District used actual costs.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Cloverport Independent School District 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 Audit Requirements for Federal Awards (Uniform Guidance). As 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.
Title: Summary of Significant Accounting Policies
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: District used actual costs.
Expenditures on the Schedule are reported on the 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.
Title: Subrecipients
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: District used actual costs.
There were no subrecipients for federal awards during the fiscal year.
Title: Indirect Cost Rate
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: District used actual costs.
The District has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Food Distribution
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: District used actual costs.
Nonmonetary assistance is reported in the Schedule at the fair value of the commodities received.