Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements of the federal program. 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.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 INDIRECT COST RATESThe Rocky Ford School District R-2 has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. All grants have been received from the Colorado Department of Education (CDE). CDE calculates an allowable indirect cost rate for individual sub-recipients and mandates that the rate be used as the maximum for the recovery of indirect cost. The Rocky Ford School District R-2 has recovered indirect cost from grant funds at an amount no greater than that allowed by CDE.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Rocky Ford School District R-2 under programs of the federal government for the year ended June 30, 2022. 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 Rocky Ford School District R-2, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Rocky Ford School District R-2.
Title: Note - 4 Noncash Programs
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements of the federal program. 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.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 INDIRECT COST RATESThe Rocky Ford School District R-2 has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. All grants have been received from the Colorado Department of Education (CDE). CDE calculates an allowable indirect cost rate for individual sub-recipients and mandates that the rate be used as the maximum for the recovery of indirect cost. The Rocky Ford School District R-2 has recovered indirect cost from grant funds at an amount no greater than that allowed by CDE.
Commodities donated to the Rocky Ford School District R-2 by the U.S. Department of Agriculture (USDA) of $32,185 are reported in the schedule at the fair market value of commodities received. These are shown as part of the National School Lunch program (10.555).
Title: Note 5 - Sub-Recipients
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements of the federal program. 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.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 INDIRECT COST RATESThe Rocky Ford School District R-2 has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. All grants have been received from the Colorado Department of Education (CDE). CDE calculates an allowable indirect cost rate for individual sub-recipients and mandates that the rate be used as the maximum for the recovery of indirect cost. The Rocky Ford School District R-2 has recovered indirect cost from grant funds at an amount no greater than that allowed by CDE.
No payments were made to sub-recipients in the fiscal year ended June 30, 2022.