Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Axtell Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the de minimis indirect cost rate.
The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. The District’s significant account policies, including the modified accrual basis of accounting, are presented in Note 1 of the basic financial statements. 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). Therefore, some of the
amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: PASS-THROUGH EXPENDITURES
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Axtell Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the de minimis indirect cost rate.
None of the federal programs expended by the District were provided to subrecipients.
Title: RECONCILIATION OF FEDERAL REVENUES
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Axtell Independent School District. The District’s reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the de minimis indirect cost rate.
The following is the reconciliation of federal revenues and the Schedule of Expenditures of Federal Awards for the year ended June 30, 2024:
Federal revenues per the Statement of Revenues,
Expenditures and Changes in Fund Balance -
Government Funds (Exhibit C-3) $ 1,564,436
Less:
SHARS 78,863
Federal expenditures $ 1,485,573