Notes to SEFA
Accounting Policies: For all Federal programs, Lighthouse Public Schools follows generally accepted accounting principles.Federal grant funds are considered to be earned to the extent of expenditures made under the provisionsof the grant, and accordingly, when such funds are received, they are recorded as deferred revenue untilearned. Once costs are incurred on reimbursement grants, a receivable from the granting agency isrecorded. Grant revenues are also considered earned upon the purchase of a capital asset.Lighthouse Public Schools has not elected to use the 10% de minimis indirect cost rate as allowed byUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.