Notes to SEFA
Title: Basis of Presentation
Accounting Policies: As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and changes in financial position. The accounting principles used are similar to those applicable in business in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: The District does not utilize the 10 percent de minimis rate of overhead allocation.
The information in the Schedule is presented in accordance with the Uniform Guidance.
Title: Federal Financial Assistance
Accounting Policies: As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and changes in financial position. The accounting principles used are similar to those applicable in business in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: The District does not utilize the 10 percent de minimis rate of overhead allocation.
Pursuant to Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Non-monetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services.
Title: Reporting Entity
Accounting Policies: As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and changes in financial position. The accounting principles used are similar to those applicable in business in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: The District does not utilize the 10 percent de minimis rate of overhead allocation.
The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the District for the year ended December 31, 2024.
Title: Revenue and Expense Recognition
Accounting Policies: As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and changes in financial position. The accounting principles used are similar to those applicable in business in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: The District does not utilize the 10 percent de minimis rate of overhead allocation.
As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and changes in financial position. The accounting principles used are similar to those applicable in business in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.