Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting, which conform to generally accepted governmental accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific School District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at the fiscal year end is recorded as accounts payable or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10% de minimis indirect cost rate for its federal program.