Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION: THE ACCOMPANYING SCHEDULE OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF KERMIT INDEPENDENT SCHOOL DISTRICT UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED AUGUST 31, 2024. 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). 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 ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. KERMIT ISD HAS NOT ELECTED TO USE THE PERCENT DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.