Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation
Summary of Significant Accounting Policies
For all Federal programs, the corporation used the net asset classes and codes specified by the Texas Education Agency in the Module 3: Charter Schools – Financial Accounting and Reporting Non-profit Chart of Accounts. Temporarily restricted net asset codes are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in temporarily restricted net asset codes.
De Minimis Rate Used: N
Rate Explanation: The district did not elect to use the 10-percent de minimis indirect cost rate.
Basis of Presentation
Summary of Significant Accounting Policies
For all Federal programs, the corporation used the net asset classes and codes specified by the Texas Education Agency in the Module 3: Charter Schools – Financial Accounting and Reporting Non-profit Chart of Accounts. Temporarily restricted net asset codes are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in temporarily restricted net asset codes.