Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Note 2: Summary of Significant 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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the District. The information in the Schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Note 4: Subrecipients
Accounting Policies: Note 2: Summary of Significant 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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District passed no federal awards through to subrecipients.
Title: Note 5: Balance of Outstanding Loan
Accounting Policies: Note 2: Summary of Significant 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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District had an outstanding loan with USDA as of October 31, 2022, with a balance of $10,141,865. The loan balance outstanding at the beginning of the year was included in the federal expenditures presented in the Schedule.