Notes to SEFA
Title: NOTE 1 – BASIS OF ACCOUNTING
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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 SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity
of the District. The information in the SEFA 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). Therefore, some amounts presented in the SEFA
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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 SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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 SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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 SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: NOTE 4 – SUBRECIPIENTS
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. These
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 SEFA, if any, represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The District did not provide any federal awards to subrecipients during the fiscal year ending August 31,
2024. Accordingly, there are no amounts included in the SEFA that represent payments to subrecipients.