Notes to SEFA
Accounting Policies: Basis ot Presentation
The accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal
grant activity of Benavides Independent School District. The information in the Schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards ("Uniform Guidance"). Therefore, some amounts may differ from amounts presented in, or
used in the preparation of, the basic financial statements.
Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These
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. Negative amounts shown on the
Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
Benavides Independent School District has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The District does not use this rate.