Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the School Board for the year ended June 30, 2024 and is presented on the modified accrual basis of accounting. The information in the SEFA 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 Board, it is not intended to and does not present the financial position or change in net position of the School Board.
The commodities received are noncash revenues valued using prices provided by the United States Department of Agriculture.
The School Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The expenditures of federal awards reported on the SEFA are reported as revenues from federal sources inthe following funds of the School Board's statement of revenues, expenditures and changes in fund balances.
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