Notes to SEFA
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. During the year ended June 30, 2025, the School Board received commodities valued at $204,111. At June 30, 2025, the School Board had food commodities totaling $8,766 in inventory.
The federal expenditures reported on the SEFA of $9,588,539 are reported within the financial statements as evidenced through federal revenues reimbursing the expenditures reported in the following funds of the School Board’s Statement of Revenues, Expenditures and Changes in Fund Balance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Franklin Parish School Board (School Board) and is presented on themodified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations for Federal Awards (UniformGuidance). Therefore, some amounts presented in this schedulemay differ from amounts presented in, or used in the preparation of, the basic financial statements.
During the year ended June 30, 2025, the School Board did not elect to use the 10% de minimus cost rate as covered in §200.414 of the Uniform Guidance. Instead, the School Board has an indirect cost rate that is provided by the Louisiana Department of Education.