Notes to SEFA
Title: Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: The Districts grant funds are accounted for on the modified accrual basis of accounting. Under the modified accrual basis, grant revenues are recognized when received and expenditures are recorded when paid. These grant funds are included in the Restricted federal aid line of the Statement of Revenues, Expenditures, and Changes in Fund Balance Regulatory Basis. The District is the recipient of federal grant awards. The grant programs are administered by various departments within the District. The activities of these departments are monitored by District staff to ensure compliance with the requirements of grants.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
All federal financial award programs of Farmington School District #6 (the District) are included in the scope of the Uniform Guidance audit. For purposes of this schedule, federal awards include those received from other agencies, the original source of which was a federal agency.
Title: Relationship to Federal Financial Reports
Accounting Policies: The Districts grant funds are accounted for on the modified accrual basis of accounting. Under the modified accrual basis, grant revenues are recognized when received and expenditures are recorded when paid. These grant funds are included in the Restricted federal aid line of the Statement of Revenues, Expenditures, and Changes in Fund Balance Regulatory Basis. The District is the recipient of federal grant awards. The grant programs are administered by various departments within the District. The activities of these departments are monitored by District staff to ensure compliance with the requirements of grants.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Grant expenditures reports as of June 30, 2022, which have been submitted to grantor agencies will, in some cases, differ slightly from amounts disclosed herein. The reports prepared for grantor agencies are typically prepared at a later date and often reflect refined estimates of the yearend accruals. The reports will agree at termination of the grant as the discrepancies noted are timing differences.
Title: Medicaid Reimbursements
Accounting Policies: The Districts grant funds are accounted for on the modified accrual basis of accounting. Under the modified accrual basis, grant revenues are recognized when received and expenditures are recorded when paid. These grant funds are included in the Restricted federal aid line of the Statement of Revenues, Expenditures, and Changes in Fund Balance Regulatory Basis. The District is the recipient of federal grant awards. The grant programs are administered by various departments within the District. The activities of these departments are monitored by District staff to ensure compliance with the requirements of grants.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Medicaid reimbursements are defined as contracts for services and not federal awards; therefore, they are not covered by the reporting requirements of the Uniform Guidance. Total Medicaid funding for the year ended June 30, 2022 was $47,429, which was received from the Arkansas Department of Human Services.