Notes to SEFA
Title: Note 1.
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable, accrued items, capital assets
and depreciation, leases, subscription based information technology arrangements and related long term
debt including pension and other postemployment benefit liabilities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant
activity of Fulton County Community Unit School District No. 3 under programs of the federal government
for the year ended June 30, 2023. The information in this schedule 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). Because the schedule
presents only a selected portion of the operations of Fulton County Community Unit School District No. 3,
it is not intended to and does not present the financial position, changes in net position or cash flows of
Fulton County Community Unit School District No. 3.
Title: Note 2.
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable, accrued items, capital assets
and depreciation, leases, subscription based information technology arrangements and related long term
debt including pension and other postemployment benefit liabilities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable, accrued items, capital assets
and depreciation, leases, subscription based information technology arrangements and related long term
debt including pension and other postemployment benefit liabilities.
Title: Note 3.
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable, accrued items, capital assets
and depreciation, leases, subscription based information technology arrangements and related long term
debt including pension and other postemployment benefit liabilities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.