Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· For all Federal programs, the District uses the fund types specified in Texas Education Agency's Financial Accountability System Resource Guide.
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· General Fund - is used to account for , among other things, resources related to the United States Department of Defense ROTC program and the United States Department of Education's Impact Aid.
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· Special Revenue Funds - are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balaces are returned to the grantor at the close of specified project periods.
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financial resources measurement focus. All Federal grant funds were accounted for in a Special Revenue Fund or, in some instances, in the General Fund which are Governmental Fund type funds.
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
With this measurement focus, only current assets and current liabilities and the fund balance are included on the balance sheet. Operating statements of these funds present increases and decreases in net current assets. The modified accrual basis of accounting is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual, i.e., both measurable and available, and expenditures in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on General Long-Term Debt, which is recognized when due, and certain compensated absences and claims and judgments, which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly, when such funds are received, they are recorded as unearned revenues until earned.
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· The period of performance for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the ending date of the federal project period extended 90 days beyond the federal project period ending date, in accordance with provisions in Section H, Period of Performance of Federal Funds, 3 CFR Section 200.343(b).
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· Assistance Listing numbers for commodity assistance are the Assistance Listing numbers of the programs under which USDA donated the commodities.
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
· Indirect cost reimbursement for federal programs for this fiscal year was received in the amount of $0
Title: omb notes
Accounting Policies: see pdf upload of the audit report
De Minimis Rate Used: N
Rate Explanation: see pdf upload of the audit report
The District did not elect to use the 10% deminimis indirect cost rate. .