Notes to SEFA
Title: Note A Organization and Scope
Accounting Policies: The District uses the modified accrual basis of accounting to report federal, state and other grants. Revenues designated for payment of specified District expenditures are recognized when the related expenditures are incurred. Any excess receipts or expenditures at the fiscal year-end are recorded as unearned revenue or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
The schedule of expenditures of federal and certain state awards is a listing of the total federal financial assistance received, both directly and/or indirectly, from federal and state grantor agencies.
Title: Note B Summary of Significant Accounting Policies
Accounting Policies: The District uses the modified accrual basis of accounting to report federal, state and other grants. Revenues designated for payment of specified District expenditures are recognized when the related expenditures are incurred. Any excess receipts or expenditures at the fiscal year-end are recorded as unearned revenue or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
The District uses the modified accrual basis of accounting to report federal, state and other grants. Revenues designated for payment of specified District expenditures are recognized when the related expenditures are incurred. Any excess receipts or expenditures at the fiscal year-end are recorded as unearned 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.
Title: Note C Indirect Cost Rates
Accounting Policies: The District uses the modified accrual basis of accounting to report federal, state and other grants. Revenues designated for payment of specified District expenditures are recognized when the related expenditures are incurred. Any excess receipts or expenditures at the fiscal year-end are recorded as unearned revenue or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
The School District has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.