Notes to SEFA
Accounting Policies: Basis of Presentation:
The accompanying schedule of expenditures of federal awards includes the federal grant activity of La
Villa 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 0MB
Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Sub-recipients:
During the fiscal year ended June 30, 2023, the District had no sub-recipients.
Federal Loans and Loan Guarantees:
During the fiscal year ended June 30, 2023, the District had no outstanding federal loans payable or loan
guarantees.
Federally Funded Insurance:
During the fiscal year ended June 30, 2023, the District had no federally funded insurance.
Noncash awards:
During the fiscal year ended June 30, 2023, the District did not receive noncash-assistance under the
National School Lunch Program.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMUS COST RATE