Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
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. Negative amounts
shown on the schedule represents adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Independent School District has not elected to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Williamsburg Independent School District under the programs of the federal government for the year
ended June 30, 2024. 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). Because the schedule
presents only a selected portion of the operations of the Williamsburg Independent School 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 B – SIGNIFICANT ACCOUNTING POLICIES
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. Negative amounts
shown on the schedule represents adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Independent School District has not elected to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
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. Negative amounts
shown on the schedule represents adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
Title: NOTE C – INDIRECT COST RATE
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. Negative amounts
shown on the schedule represents adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: The Williamsburg Independent School District has not elected to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
The Williamsburg Independent School District has not elected to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.