Notes to SEFA
Title: Non-cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of theBoard of Education of Craven County Schools (Board) under the programs of the federal government and the State of North Carolinafor the year ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awardsand the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Board.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Included in the amounts reported on the SEFSA, the Board received non-cash assistance in the form of food commodities and school buses. Non-cash items with a fair value of $1,590,259 were received during the year ended June 30, 2022. These non-cash itemsreceived were included in the determination of federal and State awards expended for the year ended June 30, 2022.
Title: FEMA Disaster Grants - Public Assistance
Accounting Policies: The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of theBoard of Education of Craven County Schools (Board) under the programs of the federal government and the State of North Carolinafor the year ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awardsand the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Board.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amounts reported on the SEFSA for the FEMA Disaster Grants - Public Assistance were incurred in a prior year and are included in the SEFSA for the year ended June 30, 2022 due to the timing of the approval of the Board's FEMA project worksheet.