Notes to SEFA
Title: NOTE A-BASIS OF PRESENTATION
Accounting Policies: (I) 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 and/or 0MB
Circular A-87, Cost Principles for State, local, and Indian Tribal Governments, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Pike County Board of Education has elected to use the 10 percent de minim is indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of
the Pike County Board of Education under programs of the federal government for the year ended June 30, 2023.
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 Pike
County Board of Education, it is not intended to and does not present the financial position, changes in net position,
or cash flows of the Pike County Board of Education.
Title: NOTE B-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: (I) 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 and/or 0MB
Circular A-87, Cost Principles for State, local, and Indian Tribal Governments, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Pike County Board of Education has elected to use the 10 percent de minim is indirect cost rate as
allowed under the Uniform Guidance.
(I) 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 and/or 0MB
Circular A-87, Cost Principles for State, local, and Indian Tribal Governments, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
(2) The Pike County Board of Education has elected to use the l O percent de minim is indirect cost rate as
allowed under the Uniform Guidance.
Title: NOTE C - FOOD DISTRIBUTION
Accounting Policies: (I) 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 and/or 0MB
Circular A-87, Cost Principles for State, local, and Indian Tribal Governments, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Pike County Board of Education has elected to use the 10 percent de minim is indirect cost rate as
allowed under the Uniform Guidance.
Non-monetary assistance is reported in the schedule at the fair value of the commodities disbursed totaling
$374,435.