Notes to SEFA
Title: Note 2. De Minimis Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Stafford Municipal School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. National School Lunch Program noncash commodities are recorded at their estimated market value at the time of donation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See Note 2.
The District elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3. Reconciliation to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Stafford Municipal School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. National School Lunch Program noncash commodities are recorded at their estimated market value at the time of donation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See Note 2.
Presented below is a reconciliation of federal revenues: See SEFA notes for table/chart.