Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: August 31, 2023. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the District for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedules. Since the District does not have an agency approved indirect recovery rate, it has elected to use the 10% de minimis cost rate as per permitted in the UG, section 200.414.
De Minimis Rate Used: Y
Rate Explanation: see above
reconciliation of federal grants and contracts revenue add financial aid loans add non-operating federal revenue to tal to schedule of expenditures of federal awards
Title: Significant Accounting Policies Used in Preparing the Schedules
Accounting Policies: August 31, 2023. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the District for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedules. Since the District does not have an agency approved indirect recovery rate, it has elected to use the 10% de minimis cost rate as per permitted in the UG, section 200.414.
De Minimis Rate Used: Y
Rate Explanation: see above
August 31, 2023. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the District for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedules. Since the District does not have an agency approved indirect recovery rate, it has elected to use the 10% de minimis cost rate as per permitted in the UG, section 200.414.
Title: Relationship to Federal and State Financial Reports
Accounting Policies: August 31, 2023. Expenditure reports to funding agencies are prepared on the award period basis. The expenditures reported above represent funds which have been expended by the District for the purposes of the award. The expenditures reported above may not have been reimbursed by the funding agencies as of the end of the fiscal year. Separate accounts are maintained for the different awards to aid in the observance of limitations and restrictions imposed by the funding agencies. The District has followed all applicable guidelines issued by various entities in the preparation of the schedules. Since the District does not have an agency approved indirect recovery rate, it has elected to use the 10% de minimis cost rate as per permitted in the UG, section 200.414.
De Minimis Rate Used: Y
Rate Explanation: see above
Differences between amounts reflected in the financial reports filed with grantor agencies for the programs and in the schedules of expenditures of Federal and State awards are due to different program year ends and accruals that will be reflected in the next report filed with the agencies.