Notes to SEFA
Title: Reconciliation of SEFA to financial statement revenues
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting for governmental funds and the accrual basis for proprietary funds.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal revenue reported in the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances total $562,356; Federal grants of $4,025,043 are repoted in prorietary funds as an increase in bonds payable; totals $4,587,399 which agrees with expenditures reported on the SEFA .