Notes to SEFA
Title: PASS-THROUGH EXPENDITURES
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of McGregor Independent School District. The District’s reporting entity is defined in Note I of
the basic 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. The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the de minimis indirect cost rate.
None of the federal programs expended by the District were provided to subrecipients.
Title: RECONCILIATION OF FEDERAL REVENUES AND SCHEDULE OF EXPENDITURES OF FEDERAL
AWARDS
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of McGregor Independent School District. The District’s reporting entity is defined in Note I of
the basic 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. The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to apply the de minimis indirect cost rate.
Federal revenues per the Statement of Revenues,
Expenditures and Changes in Fund Balance -
Governmental Funds (Exhibit C-3) $ 3,473,706
Less:
School Health And Related Services (210,348)
Interest paid on Qualified School Construction Bonds (257,095)
Federal expenditures per the Schedule of
Expenditures of Federal Awards
(Exhibit K-1) $ 3,006,263