Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform
Guidance. Under these principles, certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Greater Lowell Technical High School under programs of the
federal government for the year ended June 30, 2023. The information in this Schedule is
presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of
Greater Lowell Technical High School, it is not intended to and does not present the
financial position, changes in net position, or cash flows of Greater Lowell Technical High
School.
Title: NOTE 3 U.S. DEPARTMENT OF AGRICULTURE PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in Uniform
Guidance. Under these principles, certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The amount reported for the National School Lunch Program – Noncash Assistance
(Commodities) represents non-monetary assistance and is reported in the Schedule at the
fair market value of the commodities received. The amounts reported for the School
Breakfast Program – Cash Assistance and the National School Lunch Program – Cash
Assistance represent cash receipts from federal reimbursements.