Notes to SEFA
Title: NOTE 1 - BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in either Cost Principles for State, Local and Indian Tribal Governments, or the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Federally negotiated indirect cost rates are used.There were no federal awards passed through to subrecipients. FOOD DONATIONNon-monetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2022, the Shelby County Board of Education had food commodities totaling $407,812 in inventory.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Federally negotiated indirect cost rates are used.
The Schedule of Expenditures of Federal and State Awards i s based on the modified accrual basis of accounting, consistent with accounting for governmental type funds. It includes the transactions related to the receipt of federal and state funds by the Shelby County Board of Education (the District) under programs of the federal and state government for the year ended June 30, 2021. 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 the District, it is not intended to anddoes not present the financial position, changes in net position, or cash flows of the District.Individual awards within each category of federal awards are identified by Federal AssistanceListing and program name. The awards are also presented in total by funding agency.