Notes to SEFA
Accounting Policies: Basis of Presentation:
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Banquete Independent School District. The information in this 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 amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Summary of Significant Accounting Policies:
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Sub-recipients:
During the year ended August 31, 2024, the District had no sub-recipients.
Federal Loans and Loan Guarantees:
During the year ended August 31, 2024, the District had no outstanding federal loans payable or loan guarantees.
Federally Funded Insurance:
During the year ended August 31, 2024, the District had no federally funded insurance.
Noncash awards:
During the year ended August 31, 2024, the District received $5,481 of federal awards in the form of noncash-assistance.
Indirect Cost Rate:
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended August 31, 2024, the District did not elect to use this rate.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate:
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended August 31, 2024, the District did not elect to use this rate.