Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Owensboro Independent School District (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 net assets, or cash flows of the District.
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.
The District has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance for the Food Distribution Program is reported in the Schedule at the fair value of the commodities received.
The District has no subrecipients.