Notes to SEFA
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Mercer Island School District's financial statements. The Mercer Island School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
The Mercer Island School District has not elected to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance. The District used the federal restricted rate of 2.85%.
The amounts shown as current year expenses represent only the federal grant portion of the program costs. Entire program costs, including the Mercer Island School District's portion, may be more than shown. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Regulations Part 200, Uniform Administrative
The amount of commodities reported on the schedule is the value of commodities distributed by the Mercer Island School District during the current year and priced as prescribed by the USDA.