Notes to SEFA
Title: Subrecipients
Accounting Policies: Rockwood R-VI School District prepares its Schedule of Expenditures of Federal Awards on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenue is recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There have been no awards passed through to subrecipients.
Title: Food Distribution
Accounting Policies: Rockwood R-VI School District prepares its Schedule of Expenditures of Federal Awards on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenue is recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed by the District during the fiscal year ended June 30, 2023.