Notes To Schedule Of Expenditures Of Federal And State Awards Year Ended June 30, 2001
Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and state grant activity of Wake County Board of Education, North Carolina and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, Non-Profit Organizations, and the North Carolina Single Audit Implementation Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the general purpose financial statements.
Note 2. Noncash Assistance
Included in the amounts reported on the Schedule of Expenditures of Federal and State Awards, Wake County Board of Education, North Carolina consumed noncash assistance in the form of food commodities. Commodities with a fair value of $1,176,275 at the time received, were consumed during the year ended June 30, 2001. These commodities consumed were included in the determination of Federal awards expended for the year ended June 30, 2001.