Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather than when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Crescent School District I-2 Logan County, Oklahoma under programs of the federal government for the year ended June 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 Crescent School District I-2 Logan County, Oklahoma, it is not intended to and does not present the basic financial statements as listed in the table of contents, of Crescent School District I-2 Logan County, Oklahoma.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather than when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Crescent School District I-2 Logan County, Oklahoma did not have any awards that have been passed through to subrecipients.
Title: Transfers between Federal Programs
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather than when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Crescent School District I-2 Logan County, Oklahoma received $6,250 for program assistance number 84.424A Title IV which were allowed to be transferred to be used for Title I assistance number 84.010, and thus was reported above in the Title I revenues to agree with corresponding expenditures.