Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2023, the District did not elect to use this rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lyford
Consolidated Independent School District. The information in this schedule is presented in accordance with
the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (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 4 – SUB‐RECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2023, the District did not elect to use this rate.
During the fiscal year ended August 31, 2023, the District had no sub‐recipients.
Title: NOTE 5 – FEDERAL LOANS AND LOAN GUARANTEES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2023, the District did not elect to use this rate.
During the year ended August 31, 2023, the District had no outstanding federal loans payable or loan
guarantees.
Title: NOTE 6 – FEDERALLY FUNDED INSURANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2023, the District did not elect to use this rate.
During the year ended August 31, 2023, the District had no federally funded insurance.
Title: NOTE 7 – NONCASH AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2023, the District did not elect to use this rate.
During the year ended August 31, 2023, the District received $82,922 as noncash‐assistance under the
National School Lunch Program.
Title: NOTE 8 – PROGRAM REPORTING
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended August 31, 2023, the District did not elect to use this rate.
SHARS and E‐rate are accounted for in the general fund. The National School Lunch Program‐ cash and noncash
assistance and the School Breakfast Program are accounted for in the Child Nutrition Program.
Expenditures are not specifically attributable to these revenues and are shown on this schedule in an amount
equal to revenue for balancing purposes only.
Reconciliation
Total expenditures of federal awards, per Exhibit K‐1 $6,753,708
General fund – Federal Revenue
School Health and Related Services (SHARS) revenue 96,535
Total Federal Revenues, per Exhibit C‐3 $6,850,243