Notes to SEFA
Title: BASIS OF ACCOUNTING AND PRESENTATION
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE BOARD OF EDUCATION OF THE CITY OF FARGO HAS NOT ELECTED TO USE THE 10-PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER UNIFORM GUIDANCE.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Board of Education of the City of Fargo under programs of the federal government for the year ended June 30, 2023. The information in the schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance. Because the schedule presents only a selected portion of the operations of the Board of Education of the City of Fargo, it is not intended to and does not present the financal position or changes in fund balance or net position of the Board of Education of the City of Fargo. Expenditures represent only the federally funded portions of the program. School District records should be consulted to determine amounts expended or matched from non-federal sources.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE BOARD OF EDUCATION OF THE CITY OF FARGO HAS NOT ELECTED TO USE THE 10-PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER 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 in Subpart E of the Uniform Guidance, wherein certain types of expenditures are allowable or are limited as to reimbursement. No amounts were passed through subrecipients.
Title: NON-CASH AWARDS
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE BOARD OF EDUCATION OF THE CITY OF FARGO HAS NOT ELECTED TO USE THE 10-PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER UNIFORM GUIDANCE.
The commodities reported on the schedule are the value of the supplemental food program distributed by the District during the year as priced by the North Dakota Department of Public Instruction
Title: PASS-THROUGH GRANT NUMBER
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE BOARD OF EDUCATION OF THE CITY OF FARGO HAS NOT ELECTED TO USE THE 10-PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER UNIFORM GUIDANCE.
For federal programs marked as "N/A", the Board of Education of the City of Fargo was unable to obtain a pass-through grant number.
Title: INDIRECT COST RATE
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE BOARD OF EDUCATION OF THE CITY OF FARGO HAS NOT ELECTED TO USE THE 10-PERCENT DE MINIMIS COST RATE AS ALLOWED UNDER UNIFORM GUIDANCE.
The Board of Education of the City of Fargo has not elected to use the 10-percent de minimis cost rate as allowed under Uniform Guidance.