Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The North Tippah Consolidated School District has not elected to use the 10-percent de minimus indirect cost rate allowed under the uniform guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the North Tippah Consolidated School District under programs of the federal government for the year ended June 30, 2021. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the North Tippah Consolidated School District it is not intended to and does not present the financial position, changes in net position, or cash flows of the North Tippah Consolidated School District.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The North Tippah Consolidated School District has not elected to use the 10-percent de minimus indirect cost rate allowed under the uniform guidance.
The amount of commodities reported on the Schedule is the value of commodities received by the district and reported under the National School Lunch Program CFDA# 10.555. The value of the commodities received during the fiscal year was $43,039.