Notes to SEFA
Title: COMMODITIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Fremont County School District Number 25 and is presented on the modified accrual basis of accounting, except for amounts presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.
De Minimis Rate Used: Both
Rate Explanation: The District is eligible to apply up to a 14% de minimis indirect cost rate on certain grants that have been awarded. The District has evaluated the application of indirect costs on a grant-by-grant basis.
Nonmonetary assistance, such as food received from the United States Department of Agriculture, is reported at fair market value. $58,147 was received as of June 30, 2022.