Notes to SEFA
Title: Note 3 - Transfers
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting, which conforms generally accepted governmental accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific School District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at the fiscal year end is recorded as accounts payable or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The School District elected not to use a 10% de minimus rate for charging indirect costs to programs.
During the year the School District transferred funding from the Title II program to the Title I program. While the receipts and associated revenues are shown under the original program, the expenditures are appropriately included with the program where the funds are expended.