Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the District School Board of Hillsborough County, Florida (the District) 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 the District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.
Expenditures reported on the Schedule are reported on the 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.
The District has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The District received $10,335,734 USDA donated foods under the National School Lunch Program during the year. Such audits may result in requests for reimbursement due to disallowed expenditures. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim of reimbursement to the grantor agencies would become a liability of the District. The District does not believe that such disallowances, if any, would have a material effect on the financial position of the District. As of June 30, 2025, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
Grant monies received and disbursed by the District are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim of reimbursement to the grantor agencies would become a liability of the District. The District does not believe that such disallowances, if any, would have a material effect on the financial position of the District. As of June 30, 2025, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.