Notes to SEFA
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedule of expenditures of federal awards includes the federal grant activity ofthe Trussville City Board of Education and is presented on the modified accrual basis of accounting.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in thisschedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements. Because the schedule presents only a selected portion of the operations of the Board, itis not intended to and does not represent the financial position of the Board.Note 2: INDIRECT COST RATEThe Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For theyear ended September 30, 2022, the Board did not elect to use this rate.Note 3: LOAN / LOAN GUARANTEE OUTSTANDING BALANCESThe Board did not have any federal loans or loan guarantees outstanding during the year endedSeptember 30, 2022.NOTE 4: SUB-RECIPIENTSDuring the year ended September 30, 2022 the Board had no sub-recipients.Note 5: CONTINGENCIESGrant monies received and disbursed by the Board are for specific purposes and are subject to reviewby the grantor agencies. Such audits may result in requests for reimbursement due to disallowedexpenditures. Based upon experience, the Board does not believe that such disallowance, if any,would have a material effect on the financial position of the Board.Note 6: FEDERAL PASS-THROUGH FUNDSThe Board is also the sub-recipient of federal funds that have been subjected to testing and arereported as expenditures and listed as federal pass-through funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.