Notes to SEFA
Title: RELATION TO FINANCIAL STATEMENTS AND FEDERAL FINANCIAL REPORTS
Accounting Policies: Simmary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the Baltimore City Public School System (City Schools) for the year ended June 30, 2024.
Basis of Accounting
The accompanying schedule of expenditures of federal awards has been prepared using the modified accrual basis of accounting. This basis of accounting is fully described in Note 1 to the City Schools’ basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City Schools did not elect the 10% de minimis indirect cost rate
The following schedule reconciles the amounts per the financial statements to the amounts per the schedule of expenditures of federal awards for the year ended June 30, 2024:
Total federal expenditures reported in the Schedule: $42,966,543
Federal revenues included in the basic financial statements that are not required to be included in the Schedule:
Medicaid funds under contract for services - $4,672,184
R.O.T.C funds under contract for services - 556,480
Impact aid - 596,873
Emergency Connectivity Fund - 5,624,961
(*) Adjustments - (224,040)
Total: $ 433,193,000
Total federal revenues reported in the basic financial statements:
Special Revenue Fund - $ 373,649,000
Food Service Fund - 52,864,000
General Fund - 6,680,000
Total: $ 433,193,000
(*) Adjustments due to reclass of federal revenue