Notes to SEFA
Title: RECONCILIATION
Accounting Policies: For all Federal programs, Lighthouse Public Schools follows generally accepted accounting principles.
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions
of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until
earned. Once costs are incurred on reimbursement grants, a receivable from the granting agency is
recorded. Grant revenues are also considered earned upon the purchase of a capital asset.
De Minimis Rate Used: N
Rate Explanation: Lighthouse Public Schools has not elected to use the 10% de minimis indirect cost rate as allowed by
Uniform Guidance.
RECONCILIATION TO FINANCIALS