Notes to SEFA
Title: Note A - Organization and Scope
Accounting Policies: The School District uses the modified accrual basis of accounting to report federal, state and other grants. Revenues designated for payment of specified School District expenditures are recognized when the related expenditures are incurred. Any excess of receipts or expenditures at the fiscal year-end are recorded as deferred revenue or a receivable, respectively. The modified accrual basis of accounting is described in Note A to the financial statements. Total assistance is valued at the sum of cash received and the value of U.S.D.A. donated foods based upon the federal price list accompanying each shipment.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal programs as listed in the schedule of expenditures of federal and certain state awards are accounted for by the School District in the General Fund for U.S. Department of Education Programs and in the Food Service Fund for U.S. Department of Agriculture programs.