Notes to SEFA
Accounting Policies: The School District uses the modified accrual basis of accounting to report federal, state andother grants. Revenues designated for payment of specified School District expendituresare recognized when the related expenditures are incurred. Any excess of receipts orexpenditures at the fiscal year-end are recorded as deferred revenue or a receivable,respectively. The modified accrual basis of accounting is described in Note A to thefinancial statements. Total assistance is valued at the sum of cash received and the value of U.S.D.A. donatedfoods based upon the federal price list accompanying each shipment.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.