Notes to SEFA
Title: reconciliation of financial statement revenues to SEFA expenditures
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting with the exception of the Community Facilities Bonds which are required to be reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal revenue reported in governmental funds $572,523 Federal revenue reported in proprietary fundsOperating grant 362,514 Capital grant 116,925 Federal funds not reported as a revenueUSDA Community Facilities Bonds outstanding 1,170,043 Expenditures reported on the schedule of expenditure of federal awards $2,222,005