Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: GeneralThe accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federalawards programs of The Association of Alaska School Boards (AASB). The information in the SEFA ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Federal financial assistance received directly from federal agencies is included onthe SEFA. AASBs reporting entity is defined in Note 1 to the financial statements.Basis of AccountingExpenditures reported on the SEFA are presented using the accrual basis of accounting, which is describedin Note 2 of AASB's financial statements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement. The Association of Alaska School Boards has elected not to use the ten percent deminimisindirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a reconciliation of state revenues reported in The Association of Alaska School Boards'financial statements to state expenditures reported in the Schedule of Expenditures of Federal Awards:Federal grant revenue reported in the financial statements $ 4,093,472Add: federal grants passedthru the State of Alaska 84,839Total federal expenditures as reported on the Schedule of Expendituresof Federal Awards $ 4,178,311