Notes to SEFA
Title: Significant Accounting Polices
Accounting Policies: General : The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Grant Community High School District No. 124. The District's reporting entity is defined in note 1 to the District's financial statements. Federal awards passed through other government agencies are included on the schedule. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the District's financial statements. Relationship to Basic Financial Statements: Federal awards received are reflected in the District's financial statements within the Educational Fund as receipts form federal sources. Relationship to Programs Financial Reports: Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs, which have filed final reports as of June 30, 2023, with the Illinois State Board of Education.
De Minimis Rate Used: N
Rate Explanation: N/A
General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Grant Community High School District No. 124. The District's reporting entity is defined in note 1 to the District's financial statements. Federal awards passed through other government agencies are included on the schedule. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the District's financial statements. Relationship to Basic Financial Statements: Federal awards received are reflected in the District's financial statements within the Educational Fund as receipts form federal sources. Relationship to Programs Financial Reports: Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs, which have filed final reports as of June 30, 2023, with the Illinois State Board of Education.