Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of CentralIndependent School District (District). The information in the Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the District, it isnot intended to and does not present the financial position or changes in net position of the District. Therefore, some amountsmay differ from amounts presented in, or used in the preparation of the financial statements.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or creditsmade in the normal course of business to amounts reported as expenditures in prior years.Indirect Cost RateThe District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.