Notes to SEFA
Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Great Prairie Area Education Agency 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 Great Prairie Area Education Agency, it is not intended to and does not present the financial position, changes in financial position or cash flows of Great Prairie Area Education Agency.
Summary of Significant Accounting Policies – Expenditures reported in 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.
Indirect Cost Rate – Great Prairie Area Education Agency uses a federally negotiated indirect cost rate as allowed under the Uniform Guidance.