Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Experditures of Federal Awards (the Schedule) includes the federal award activity of Escambia County Board of Education under programs of the federal government for the year ended September 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for the Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Escambia County Board of Education, it is not intended to and does not present the financial position or changes in net posistion or changes in net position of the Escambia County Board of Education.
De Minimis Rate Used: N
Rate Explanation: The Escambia County Board of Education has not elected to use the 10-percent deminimis indirect cost rate as allowed in the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained I nthe Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.