Notes to SEFA
Title: Program Costs/Matching Contributions
Accounting Policies: Basis of Accounting--This Schedule is prepared on the same basis of accounting as the Mercer Island School Districts financial statements. The Mercer Island School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Mercer Island School Districts portion, may be more than shown. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Noncash Awards
Accounting Policies: Basis of Accounting--This Schedule is prepared on the same basis of accounting as the Mercer Island School Districts financial statements. The Mercer Island School District uses the modified accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount of commodities reported on the schedule is the value of commodities received by the Mercer Island School District during current year and priced as prescribed by the USDA.