Notes to SEFA
NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Pinon Community School Board, Inc. (the "School"). under programs of the federal government for the year ended June 30, 2025. The information in the 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 School, it is not intended to and does not present the financial position, changes in net position or cash flows of the School.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 applicable Uniform Guidance cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
NOTE 3 – INDIRECT COST RATE The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE 4 – RECONCILIATION TO THE FUND FINANCIAL STATEMENTS The following is a reconciliation of grant revenue reported in the financial statements to expenditures reported in the schedule of expenditures of federal awards: