Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents activity of all financial assistance programs of the Chariho Regional School District (the “District”). All federal financial assistance received directly from a federal agency as well as federal financial assistance passed through other governmental agencies is included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use 10% de minimis indirect cost rate as covered in 2 CFR Part 200 Section 414 “Indirect (F&A) Costs”.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the District and is presented on the cash basis of accounting.
The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).