Notes to SEFA
Title: INDIRECT COSTS
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Kerens Independent School 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 Schedule of Expenditures of Federal
Awards. The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The District’s significant account policies, including the modified accrual basis of accounting, are presented in
Note 1 of the basic financial statements. The information in the 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.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
The District did not elect to apply the 10% de minimis indirect cost rate.
Title: RECONCILIATION OF FEDERAL REVENUES
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Kerens Independent School 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 Schedule of Expenditures of Federal
Awards. The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The District’s significant account policies, including the modified accrual basis of accounting, are presented in
Note 1 of the basic financial statements. The information in the 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.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the 10% de minimis indirect cost rate.
The following is the reconciliation of federal revenues and the Schedule of Expenditures of Federal Awards
for the year ended June 30, 2023:
Federal revenues on the Statement of Revenues, Expenditures and
Changes in Fund Balance Governmental Funds (Exhibit C-3) $ 2,675,644
School health and related services revenue (276,967)
Federal expenditures on the Schedule of Expenditures of
Federal Awards (Exhibit K-1) $ 2,398,677