Notes to SEFA
Title: RECONCILIATION TO FEDERAL REVENUES RECORDED IN THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Chesterfield County School District and is presented on the modified accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the de minimis ten percent (10%) indirect cost rate as allowed under the Uniform Guidance.
Federal award expenditures are reported in the Districts financial statements as expenditures in both the Governmental Funds and Proprietary Funds. The following table represents a reconciliation of federal revenues recorded in the financial statements in relation to federal expenditures reported in the Schedule of Expenditures of Federal Awards.Revenues from Federal Sources - Governmental Funds $ 13,686,552Revenues from Federal Sources - Proprietary Funds 5,830,796Eligible Revenues Recognized Prior to Expenditure Recognition - Prepaid Items (237,953)Federal Expenditures per Schedule of Expenditures of Federal Awards $ 19,279,395