Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation
Summary of Significant Accounting Policies
For all Federal programs, the District uses the fund types specified in Texas Education Agency's Financial Accountability System
Resource Guide.
General Fund - is used to account for, among other things, resources related to the United States Department of Defense
ROTC program and the United States Department of Education's Impact Aid.
Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor.
Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances
are returned to the grantor at the close of specified project periods.
The accounting and financial 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 grant funds were accounted for in
a Special Revenue Fund or, in some instances, in the General Fund which are Governmental Fund type funds.
With this measurement focus, only current assets and current liabilities and the fund balance are included on the balance sheet.
Operating statements of these funds present increases and decreases in net current assets. The modified accrual basis of accounting
is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they
become susceptible to accrual, i.e., both measurable and available, and expenditures in the accounting period in which the fund
liability is incurred, if measurable, except for unmatured interest on General Long-Term Debt, which is recognized when due, and
certain compensated absences and claims and judgments, which are recognized when the obligations are expected to be liquidated
with expendable available financial resources. 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 unearned revenues until
earned.
The period of performance for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the
ending date of the federal project period extended 90 days beyond the federal project period ending date, in accordance with
provisions in Section H, Period of Performance of Federal Funds, 3 CFR Section 200.343(b).
Assistance Listing numbers for commodity assistance are the Assistance Listing numbers of the programs under which USDA
donated the commodities.
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The district has elected not to use the 10-percent de minimis indirect cost rate.
Basis of Presentation
Summary of Significant Accounting Policies
For all Federal programs, the District uses the fund types specified in Texas Education Agency's Financial Accountability System
Resource Guide.
General Fund - is used to account for, among other things, resources related to the United States Department of Defense
ROTC program and the United States Department of Education's Impact Aid.
Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor.
Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances
are returned to the grantor at the close of specified project periods.
The accounting and financial 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 grant funds were accounted for in
a Special Revenue Fund or, in some instances, in the General Fund which are Governmental Fund type funds.
With this measurement focus, only current assets and current liabilities and the fund balance are included on the balance sheet.
Operating statements of these funds present increases and decreases in net current assets. The modified accrual basis of accounting
is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they
become susceptible to accrual, i.e., both measurable and available, and expenditures in the accounting period in which the fund
liability is incurred, if measurable, except for unmatured interest on General Long-Term Debt, which is recognized when due, and
certain compensated absences and claims and judgments, which are recognized when the obligations are expected to be liquidated
with expendable available financial resources. 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 unearned revenues until
earned.
The period of performance for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the
ending date of the federal project period extended 90 days beyond the federal project period ending date, in accordance with
provisions in Section H, Period of Performance of Federal Funds, 3 CFR Section 200.343(b).
Assistance Listing numbers for commodity assistance are the Assistance Listing numbers of the programs under which USDA
donated the commodities.
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Reconciliation Information:
Total Expenditures of Federal Awards $ 8 72,238
School Health and Related Services 2 2,090
Federal Program Revenues (Exhibit C-2) $ 8 94,328