Notes to SEFA
Title: Basis of Presentation
Accounting Policies: A. 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 allowed or are limited as to reimbursement.
B. Lubbock Independent School District has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lubbock Independent School District under programs of the federal government for the year ended June 30, 2023. The information in the 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).
Title: Federal Revenue Reconciliation
Accounting Policies: A. 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 allowed or are limited as to reimbursement.
B. Lubbock Independent School District has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A
Federal Revenues Reported on Exhibit C-2: General Fund $10,750,718 + Special Revenue Funds $87,712,303 = Federal Program Revenues - Exhibit C-2 $98,463,021
Federal Expenditures Reported on Exhibit K-1: Total Expenditures of Federal Awards $87,498,686 + General Fund Excluding Indirect Cost (SHARS) $6,565,590 + Pre-Award Expenditures for COVID-19, School Health Support in Fiscal Year 2022 $503,801 + ROTC Payments $125,331 + ECI SHARS Allocation $2,654,916 + ECI Fiscal Agent $1,114,697 = Expenditures of Federal Awards - Exhibit K-1 $98,463,021