Notes to SEFA
Accounting Policies: Basis of Presentation and Significant Accounting PoliciesThe accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grantactivity of Troy Public Schools, Lincoln County, Montana. The information in this schedule ispresented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards. Because the schedule presents only a selected portion of the operations of the Troy PublicSchools, it is not intended to and does not present the financial position, changes in net position,or cash flows of the Troy Public Schools. Therefore, some amounts presented in this schedulemay differ from amounts presented in, or used in preparation of the basic financial statements.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 UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.The Troy Public Schools has elected not to use the 10 percent de Minimis indirect cost rate asprovided in Sec. 200.414 Indirect Costs under Uniform Guidance.Value of Federal Awards Expended in the form of Noncash Assistance? Food Commodities value equals the fair value at the time of the receipt in the amount of$18,906.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.