Notes to SEFA
Title: Summary of Significant Account Policies
Accounting Policies: The accompanying schedule of expenditures of federal and state awards ("SEFSA") includes the federal and state grant activity of the Board of Education of Beaufort County Schools ("Board") under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA 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 and 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 of the Board.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
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 the Board of Education of Beaufort County Schools ("Board") under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA 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 and 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 of the Board.
De Minimis Rate Used: N
Rate Explanation: 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 $940,610 were received during the year ended June 30, 2023. These non-cash items received were included in the determination of federal and state awards expended for the year ended June 30, 2023.