Notes to SEFA
The accompanying Schedule of Expenditures of Federal and State Financial Awards includes the federal and state award activity of Fayetteville City Schools under programs of the federal and state 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 Fayetteville City Schools, it is not intended to and does not present the financial position, changes in net position, or cash flows of Fayetteville City Schools.
Expenditures reported 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.
Fayetteville City Schools has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Non-monetary assistance is reported in the schedule at fair market value of the commodities received and disbursed. At June 30, 2025, the System had food commodities totaling $2,652 in inventory.
For the year ended June 30, 2025, Fayetteville City Schools had no awards that were passed through to subrecipients.
At June 30, 2025, the System had outstanding commitments totaling $340,997 for federal awards and $18,944 for state awards related to various capital projects and equipment purchases.