Notes to SEFA
Title: RECONCILIATION OF FEDERAL REVENUES AND SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Fairfield Independent School District. The District's report entity is defined in Note I of the basic financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards. The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The information in this schedule is presented in accordance with the 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 of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. None of the federal programs expended by the District were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal revenues per the Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds (Exhibit C-3) $ 4,868,491. Less: School Health And Related Services 324,686. Interest paid on Qualified School Construction Bonds 67,717. Plus: ESSER II Grant Award approved after August 31, 2021 500,000. Federal expenditures per the Schedule of Expenditures of Federal Awards (Exhibit K-1) $ 4,976,088