Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Denison Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)—Indirect (F&A) costs.
The SEFA is presented using the modified accrual basis of accounting. The District’s significant accounting policies, including the modified accrual basis of accounting, are presented in Note 1 of the basic financial statements. The SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: PASS-THROUGH EXPENDITURES
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Denison Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)—Indirect (F&A) costs.
None of the federal programs expended by the District were provided to subrecipients.
Title: GRANTOR AGENCY AUDITS AND ADJUSTMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Denison Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)—Indirect (F&A) costs.
The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustments by the grantor agencies; therefore, to the extent that the District has not complied with rules and regulations governing the grants, refund of any money received may be required and the collectability of any related receivable at August 31, 2023, may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provision has been recorded in the accompanying financial statements for such contingencies.
Title: RECONCILIATION OF FEDERAL REVENUES AND THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Denison Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)—Indirect (F&A) costs.
Federal revenues per the Statement of Revenues, Expenditures and
Changes in Fund Balance - Governmental Funds (Exhibit C-3) $ 13,395,084
E-rate (12,000)
Federal flood assistance (59,855)
School health and related services revenue - not reported on SEFA (1,093,976)
Federal expenditures per the SEFA (Exhibit K-1) $ 12,229,253