Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported under generally accepted accounting principles (U.S. GAAP). Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal award activity of Independent School District No. 601 under
programs of the federal government for the year ended June 30, 2024. 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 (the Uniform Guidance). Because the Schedule presents only a
selected portion of the operations of Independent School District No. 601, it is not intended to and
does not present the financial position or changes in net position of Independent School District No.
601.
Title: COMMODITY DISTRIBUTION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported under generally accepted accounting principles (U.S. GAAP). Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities
received and disbursed.
Title: PASS-THROUGH ENTITIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported under generally accepted accounting principles (U.S. GAAP). Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
All pass-through entities listed above use the same Assistance Listing numbers as the federal
grantors to identify these grants and have not assigned any additional identifying numbers.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “Schedule”) are reported under generally accepted accounting principles (U.S. GAAP). Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2024, the District did not pass any federal money to subrecipients.