Notes to SEFA
Title: Basis of Accouting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Morton Independent School District (the District) for the year ended August 31, 2024. The District's reporting entity is defined in Note 1 - Summary of Significant Accounting Policies to the District's basic financial statements. Federal financial assistance received directly from federal agencies as well as assistance passed through other government agencies is included on the Schedule. The District did not elect to use the 10% de mini mis indirect cost rate. The District did not provide pass-through funds to subrecipients for the year ended August 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use it.
The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1 - Summary of Significant Accounting Policies to the District's basic financial statements.
Title: Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Morton Independent School District (the District) for the year ended August 31, 2024. The District's reporting entity is defined in Note 1 - Summary of Significant Accounting Policies to the District's basic financial statements. Federal financial assistance received directly from federal agencies as well as assistance passed through other government agencies is included on the Schedule. The District did not elect to use the 10% de mini mis indirect cost rate. The District did not provide pass-through funds to subrecipients for the year ended August 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use it.
Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports considering timing differences of cash receipts.