Notes to SEFA
Accounting Policies: Note A- Basis of Presentation: The Schedule of Expenditure of Federal Awards includes the federal award activity of the Eufaula City Board of Education under programs of the federal government for the year ended September 30, 2022. 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 Eufaula City Board of Education, it is not intended to and does not present the financial position or changes in net position of the Eufaula City Board of Education. Note B- Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Board elected to use the indirect cost rate as approved by the Alabama State Board of Education.