Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activityof the City of Baker School System and is presented on the modified accrual basis of accounting.The information in this schedule is presented in accordance with the requirements of OMBUniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.Therefore, some amounts presented in this schedule may differ from amounts presented in or usedin the preparation of the basic financial statements.NOTE B - NON-MONETARY ASSISTANCENon-monetary assistance is reported in the schedule at the fair market value of the commoditiesreceived and disbursed. At June 30, 2022, the School System had food commodities totaling$12,729 in inventory. Commodities received, which are non-cash revenues, are valued usingpricing provided by the United States Department of Agriculture.NOTE C - DE MINIMUS COST RATEDuring the year ended June 30, 2022, the City of Baker School System did not elect to use the10% de minimus cost rate as covered in ?200.414 of the Uniform Guidance.NOTE D - AMOUNTS PASSED THROUGH TO SUB-RECIPIENTSDuring the year ended June 30, 2022, the City of Baker School System did not pass through anyfederal funding to sub-recipients.
De Minimis Rate Used: N
Rate Explanation: NOTE C - DE MINIMUS COST RATEDuring the year ended June 30, 2022, the City of Baker School System did not elect to use the10% de minimus cost rate as covered in ?200.414 of the Uniform Guidance.