Notes to SEFA
Title: Revenue Recognition
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Huntington Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: Huntington Independent School District has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
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.
Title: Period of Availability
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Huntington Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: Huntington Independent School District has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The period of availability 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 30 days beyond the federal project period ending date, in accordance with provisions in Section H, Period of Availability of Federal Funds, Part 3 Uniform Guidance Compliance Statement - Provisional 6/97.