Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognized when they become a demand on current available financial resources. Therefore, some amounts presented in this Schedule may differ from amounts presented in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) is presented in accordance with the requirements of 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: NONCASH FEDERAL AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognized when they become a demand on current available financial resources. Therefore, some amounts presented in this Schedule may differ from amounts presented in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District receives food commodities from the U.S. Department of Agriculture for use in its food service program and are valued based on the USDAs Donated Commodity Price List. Commodities are recorded under Assistance Listing #10.555 on the Schedule. The commodities, in the amount of $92,355, are recognized as revenue when received. The commodities are recognized as expenditures when used by the schools.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognized when they become a demand on current available financial resources. Therefore, some amounts presented in this Schedule may differ from amounts presented in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District provided no federal awards to subrecipients.