Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the Alamo City School Board and is presented on the accrual basis of accounting. The informatino in this schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations, and the State of Tennessee Department of Audit, Audit Manual. Therefore, some amounts presented in the schedule may differ from amounts presented in the financial statements. 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 accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the Alamo City School Board and is presented on the accrual basis of accounting. The informatino in this schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations, and the State of Tennessee Department of Audit, Audit Manual. Therefore, some amounts presented in the schedule may differ from amounts presented in the financial statements. 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.