Notes to SEFA
Title: 1. GENERAL
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of Corsicana Independent School District. The District’s reporting entity is defined in Note I of
the financial statements. Federal awards received directly from federal agencies, as well as federal
awards passed through other government agencies, are included on the Schedule of Expenditures of
Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Corsicana Independent School District has elected not to use a de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of Corsicana Independent School District. The District’s reporting entity is defined in Note I of
the financial statements. Federal awards received directly from federal agencies, as well as federal
awards passed through other government agencies, are included on the Schedule of Expenditures of
Federal Awards.
Title: 2. BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of Corsicana Independent School District. The District’s reporting entity is defined in Note I of
the financial statements. Federal awards received directly from federal agencies, as well as federal
awards passed through other government agencies, are included on the Schedule of Expenditures of
Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Corsicana Independent School District has elected not to use a de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of
accounting. The District’s significant account policies, including the modified accrual basis of accounting,
are presented in Note 1 of the basic financial statements. 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). Therefore, some of the amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the financial statements.
Title: 3. INDIRECT COSTS
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of Corsicana Independent School District. The District’s reporting entity is defined in Note I of
the financial statements. Federal awards received directly from federal agencies, as well as federal
awards passed through other government agencies, are included on the Schedule of Expenditures of
Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Corsicana Independent School District has elected not to use a de minimis indirect cost rate as allowed
under the Uniform Guidance.
Corsicana Independent School District has elected not to use a de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: 4. RECONCILIATION OF FEDERAL REVENUES
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of Corsicana Independent School District. The District’s reporting entity is defined in Note I of
the financial statements. Federal awards received directly from federal agencies, as well as federal
awards passed through other government agencies, are included on the Schedule of Expenditures of
Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Corsicana Independent School District has elected not to use a de minimis indirect cost rate as allowed
under the Uniform Guidance.
The following is the reconciliation of federal revenues and the Schedule of Expenditures of Federal
Awards for the year ended August 31, 2024:
Federal revenues per the Statement of Revenues,
Expenditures and Changes in Fund Balance -
Government Funds (Exhibit C-3) $ 14,786,275
Less:
SHARS 228,353
Federal expenditures $ 14,557,922