Notes to SEFA
Title: 1. BASIS FOR PRESENTATION
Accounting Policies: In the governmental fund financial statements, the modified accrual basis of accounting is applied. Under this modified accrual basis of accounting, revenues are recognized when "measurable and available". Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or soon enough thereafter to pay current liabitiles. The District has defined "available" as collected within 60 days after year end. Sales and use taxes, franchise taxes, and court fines are not considered susceptible to accrual. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general long-term debt principal and interest, claims and judgments, and accrued compensated absences, which are recorded as expenditures to the extent they have matured.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10 percent de minimus indirect cost rate.
The accompnaying Schedule of Expeidnturse of Federal Awards (SEFA) includesw federal grant activity of the District. The information in the schedule is presented in accordance with requireemnts of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Aeards.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: In the governmental fund financial statements, the modified accrual basis of accounting is applied. Under this modified accrual basis of accounting, revenues are recognized when "measurable and available". Measurable means knowing or being able to reasonably estimate the amount. Available means collectible within the current period or soon enough thereafter to pay current liabitiles. The District has defined "available" as collected within 60 days after year end. Sales and use taxes, franchise taxes, and court fines are not considered susceptible to accrual. Expenditures (including capital outlay) are recorded when the related fund liability is incurred, except for general long-term debt principal and interest, claims and judgments, and accrued compensated absences, which are recorded as expenditures to the extent they have matured.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10 percent de minimus indirect cost rate.
Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic finanical statements. 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. Previously the District's SEFA has been presented on a cash basis of accounting.
The District did not pass through any funds to subrecipients.
There were no loans/loan guarantees.
Items with an asterisk (*) are major programs.
Non-monetary assistance is reported on the SEFA at fair market value of commodities received and disbursed.