Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: N/A
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School District of Oconee County and is presented in acccordance with the requirements of the OMB's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts are presented in, or used in the preparation of, the basic financial statements
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: N/A
De Minimis Rate Used: N
Rate Explanation: N/A
Federal award expenditures are reported in the District’s financial statements as expenditures in the Special Revenue Funds
Title: COMMODITIES
Accounting Policies: N/A
De Minimis Rate Used: N
Rate Explanation: N/A
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed
Title: FOOD SERVICE PROGRAM EXPENDITURES
Accounting Policies: N/A
De Minimis Rate Used: N
Rate Explanation: N/A
The federal expenditures for the School Lunch Program and the School Breakfast Program do not include expenditures totaling $1,121,364 paid from local sources and $25,452 from state sources.
Title: INDIRECT COST RATE
Accounting Policies: N/A
De Minimis Rate Used: N
Rate Explanation: N/A
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.