Notes to SEFA
Title: GENERAL
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Liberty Hill Independent School District (the “District”). The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)— Indirect (F&A) costs.
The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal
award programs of Liberty Hill Independent School District (the “District”). The District’s reporting entity
is defined in Note I of the financial statements. Federal awards received directly from federal agencies,
as well as federal awards passed through other government agencies, are included on the SEFA.
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Liberty Hill Independent School District (the “District”). The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)— Indirect (F&A) costs.
The SEFA is presented using the modified accrual basis of accounting. The District’s significant
accounting policies, including the modified accrual basis of accounting, are presented in Note 1 of the
basic financial statements. The SEFA 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.
Title: INDIRECT COSTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Liberty Hill Independent School District (the “District”). The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)— Indirect (F&A) costs.
The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)—
Indirect (F&A) costs.
Title: PASS - THROUGH EXPENDITURES
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Liberty Hill Independent School District (the “District”). The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)— Indirect (F&A) costs.
None of the amounts reported on the SEFA were passed through to subrecipients.
Title: RECONCILIATION OF FEDERAL RENENUES AND THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Liberty Hill Independent School District (the “District”). The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use a de minimis cost rate of 10% as described at 2 CFR §200.414(f)— Indirect (F&A) costs.
Please see the table shown in the Notes to the SEFA