Notes to SEFA
Accounting Policies: (1) Basis of Presentation. The Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activity of the Lee CoDistrict School Board under programs of the Federal government for the fiscal year ended June 30, 2022. The information in this Scheis presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministraRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents onselected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net positioncash flows of the District.(2) Summary of Significant Accounting Policies. Expenditures reported on the Schedule are reported on the modified accrual basiaccounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain typeexpenditures are not allowable or are limited as to reimbursement.(3) Indirect Cost Rate. The District has elected not to use the 10 percent de minimis cost rate allowed under the Uniform Guidance.(4) Noncash Assistance:a. National School Lunch Program includes $3,414,536 of donated food received during the fiscal year. Donated foods are valuefair value as determined at the time of donation.b. Child Care Food Program - includes $133,365 of donated food received during the fiscal year. Donated foods are valued at fairvalue as determined at the time of donation.(5) Impact Aid. Expenditures are related to grant number/program 19-FL-2018-2902.(6) Head Start. Expenditures include $134,760.58 for grant number/program year 04HP00293-02 and $713,979.75 for grant number/progyear 04HP000293-03, $775,282.05 for grant number/program year 04CH011657-01, and $7,023,001.72 for grant number/program y04CH011657-02. $442,652.16 in expenditures was from the American Rescue Plan.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.