Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accounting and finanacial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund Types are accounted for using a current financial resources measurement focus. All federal expenditures were accounted for in the General and Special Revenue Funds, components of the Governmental Fund Types. Such expenditures are recognized following the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient. Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant. School health and related services revenues are considered earned income at the local government level and thus are not included in the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District used the approved indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Center Point Independent School District under programs of the federal government for the year ended August 31, 2023. The information in the schedule is presented in accordance with requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Summary of Significant Accounting Policies
Accounting Policies: The accounting and finanacial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund Types are accounted for using a current financial resources measurement focus. All federal expenditures were accounted for in the General and Special Revenue Funds, components of the Governmental Fund Types. Such expenditures are recognized following the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient. Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant. School health and related services revenues are considered earned income at the local government level and thus are not included in the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District used the approved indirect cost rate.
The accounting and finanacial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund Types are accounted for using a current financial resources measurement focus. All federal expenditures were accounted for in the General and Special Revenue Funds, components of the Governmental Fund Types. Such expenditures are recognized following the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient. Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant. School health and related services revenues are considered earned income at the local government level and thus are not included in the Schedule of Expenditures of Federal Awards.
Title: Indirect Cost Rate
Accounting Policies: The accounting and finanacial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund Types are accounted for using a current financial resources measurement focus. All federal expenditures were accounted for in the General and Special Revenue Funds, components of the Governmental Fund Types. Such expenditures are recognized following the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient. Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant. School health and related services revenues are considered earned income at the local government level and thus are not included in the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District used the approved indirect cost rate.
The District elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Food Donation
Accounting Policies: The accounting and finanacial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund Types are accounted for using a current financial resources measurement focus. All federal expenditures were accounted for in the General and Special Revenue Funds, components of the Governmental Fund Types. Such expenditures are recognized following the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient. Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant. School health and related services revenues are considered earned income at the local government level and thus are not included in the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District used the approved indirect cost rate.
Nonmonetary assistance is reported in this schedule at the fair market value of the commodities received and disbursed.