Title: Note 2 - Basis of Presentation
Accounting Policies: Note 1 - Basis of Accounting
The District accounts for all awards under federal programs in the General and Certain Special Revenue Funds in accordance
with the Texas Education Agency’s Financial Accountability System Resource Guide. These programs are accounted for using
a current financial resources measurement focus.
The modified accrual basis of accounting is used for these funds. 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 liability is incurred, if measurable, except for 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. Generally, unused balances
are returned to the grantor at the close of specified project periods.
Noncash commodities are recorded at their fair value at the time of donation. The District has elected not to use the 10
percent de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last paragraph, last sentence.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the
District under programs of the federal government for the year ended August 31, 2024. The information in this schedule is
presented in accordance with the requirements Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the District, it is not
intended to and does not present the financial position, changes in net position or cash flows of the District.
Title: Note 3 - Reconciliation of Basic Financial Statements
Accounting Policies: Note 1 - Basis of Accounting
The District accounts for all awards under federal programs in the General and Certain Special Revenue Funds in accordance
with the Texas Education Agency’s Financial Accountability System Resource Guide. These programs are accounted for using
a current financial resources measurement focus.
The modified accrual basis of accounting is used for these funds. 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 liability is incurred, if measurable, except for 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. Generally, unused balances
are returned to the grantor at the close of specified project periods.
Noncash commodities are recorded at their fair value at the time of donation. The District has elected not to use the 10
percent de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last paragraph, last sentence.
See notes to SEFA for chart/table.
Title: Note 4 - General Fund Federal Program Revenues
Accounting Policies: Note 1 - Basis of Accounting
The District accounts for all awards under federal programs in the General and Certain Special Revenue Funds in accordance
with the Texas Education Agency’s Financial Accountability System Resource Guide. These programs are accounted for using
a current financial resources measurement focus.
The modified accrual basis of accounting is used for these funds. 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 liability is incurred, if measurable, except for 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. Generally, unused balances
are returned to the grantor at the close of specified project periods.
Noncash commodities are recorded at their fair value at the time of donation. The District has elected not to use the 10
percent de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last paragraph, last sentence.
For purposes of regulatory requirements of the Texas Education Agency, a summary of federal program revenues received in
the general fund for the year ended August 31, 2024, are as follows:
See notes to SEFA for chart/table.