Notes to SEFA
Accounting Policies: Revenue and expense recognition – As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and change in financial position. The accounting principles used are similar to those applicable in businesses in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
The District does not utilize the 10 percent de minimis rate for overhead allocation.
De Minimis Rate Used: N
Rate Explanation: Basis of presentation – The information in the Schedule is presented in accordance with the Uniform Guidance.
Reporting entity – The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the District for the year ended June 30, 2023.