Title: Notes on Accounting Policies for Federal Awards
Accounting Policies: See Notes on Accounting Policies for Federal Awards on page 77 of PDF.
De Minimis Rate Used: N
Rate Explanation: Not Necessary
1. For all federal programs, the District uses the fund types specified in Texas Education Agency’s Financial Accountability System Resource Guide. Special revenue funds are used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance is generally accounted for in a Special Revenue Fund.
Title: Notes on Accounting Policies for Federal Awards
Accounting Policies: See Notes on Accounting Policies for Federal Awards on page 77 of PDF.
De Minimis Rate Used: N
Rate Explanation: Not Necessary
2. 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. 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: Notes on Accounting Policies for Federal Awards
Accounting Policies: See Notes on Accounting Policies for Federal Awards on page 77 of PDF.
De Minimis Rate Used: N
Rate Explanation: Not Necessary
3. The District must submit to the pass-through entity no later than 90 calendar days (or an earlier date as agreed upon by the pass-through entity and the District) after the end date of the period of performance, all financial, performance, and other reports as required by the terms and conditions of the Federal award. The Federal awarding agency or pass-through entity may approve extension when requested and justified by the non-Federal entity, as applicable (2 CFR 200.344(a)). Unless the Federal awarding agency of pass-through entity authorizes an extension, a non-Federal entity must liquidate all financial obligations incurred under the Federal award no later than 120 calendar days after the end date of the period of performance as specified in the terms and conditions of the Federal award. (2 CFR 200.344(b)).
Title: Notes on Accounting Policies for Federal Awards
Accounting Policies: See Notes on Accounting Policies for Federal Awards on page 77 of PDF.
De Minimis Rate Used: N
Rate Explanation: Not Necessary
4. The District has elected to not use the 10% de minimis cost rate as allowed under Uniform Guidance..
Title: Notes on Accounting Policies for Federal Awards
Accounting Policies: See Notes on Accounting Policies for Federal Awards on page 77 of PDF.
De Minimis Rate Used: N
Rate Explanation: Not Necessary
5. Assistance Listing numbers for commodity assistance are the Assistance Listing numbers of the programs under which USDA donated the commodities. Nonmonetary assistance received from Commodity Supplemental Food Program is recorded at fair market value of the commodities received and disbursed.
Title: Notes on Accounting Policies for Federal Awards
Accounting Policies: See Notes on Accounting Policies for Federal Awards on page 77 of PDF.
De Minimis Rate Used: N
Rate Explanation: Not Necessary
6. Reconciliation Information (see page 77 of audit report PDF)