Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Winfield City Board of Education under programs of the federal government for the year ended September 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 Winfield City Board of Education, it is not intended to and does not present the financial position or changes in net position of the Winfield City Board of Education.
Expenditures reported on the Schedule of Expenditures of Federal Awards 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Winfield City Board of Education is the recipient of certain non-cash assistance in the form of donated commodities received from the U.S. Department of Agriculture. Revenues and expenditures are recorded for the value of commodities received. In addition, the Winfield City Board of Education may receive certain other non-cash assistance from federal and state awarding agencies. At September 30, 2025, the Board had food commodities inventory in the amount of $35,899.
The Winfield City Board of Education has not elected to use the 15-percent de minimus indirect cost rate allowed under the Uniform Guidance.