Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Lexington County School District Four - Gaston Swansea, for the year ended June 30, 2023. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
Title: Relationship to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
Federal expenditures are reported in the District's financial statements as expenditures in the Special Revenue Fund and in the Proprietary Fund. ConserFund Loan balance at June 30, 2019 is included in federal financial assistance in the accompanying Schedule of Expenditures of Federal Awards.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports except for timing differences relating to revenues and expenditures received or made subsequent to the filing of federal financial reports.
Title: Reconciliation of SEFA to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
Federal assistance:
Governmental Funds $ 9,891,597
Enterprise Funds 2,949,405
Total Federal assistance per financial statements 12,864,210
Total Federal assistance per SEFA $ 12,864,210
Title: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the District's financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The District has elected not to use the 10 percent de minimus cost rate allowed under the Uniform Guidance.