Notes to SEFA
Title: Relationship to Basic Financial Statements
Accounting Policies: Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) is a supplementary schedule to the Authority’s basic financial statements and is presented for the purpose of additional analysis. The Schedule is required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The Schedule includes all federal financial assistance programs administered by the Authority and included in the Authority’s financial statements.
Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimus
indirect rate as allowed under the Uniform Guidance.
Federal financial assistance expenditures are included in the Authority’s basic financial statements as follows:
General Fund: -- Expenditures
Instructional Basic -- $ 106,725
Instructional Staff Training Services -- 59,643
Food Services -- 807,472
Total -- $ 973,840