Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Lago Vista Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Auditee has elected to use the 10% deminimus indirect cost rate.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Lago Vista Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: Note 2: Federal Awards Reconciliation
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Lago Vista Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Auditee has elected to use the 10% deminimus indirect cost rate.
See the Notes to the SEFA for chart/table.
Title: Note 3: Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Lago Vista Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Auditee has elected to use the 10% deminimus indirect cost rate.
The District has elected to use the 10% deminimus indirect cost rate.
Title: Note 4: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Lago Vista Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Auditee has elected to use the 10% deminimus indirect cost rate.
Of the federal expenditures presented in the SEFA, the District did not provide any federal awards to subrecipients.