Notes to SEFA
Title: 1. Summary of Significant Accounting Principals
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Organization’s financial statements for the year ended December 31, 2024. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the District did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) is prepared using the accrual basis of accounting. Complete Assistance Listing Numbers are presented for those programs for which such numbers were available. Assistance Listing Number prefixes and other identifying numbers are presented for programs for which a complete Assistance Listing Number is not available.
Title: 2. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Organization’s financial statements for the year ended December 31, 2024. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the District did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
The District has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 3. Reconciliation of Provider Relief Fund Grant Revenue Recognized in the Financial Statements to Federal Awards Expended on the SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Organization’s financial statements for the year ended December 31, 2024. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the District did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
The amount as federal expenditure on the schedule of expenditures (SEFA) includes the beginning loan balance as of December 31, 2023, of $24,087,256 plus the total funding received in 2024 of $127,410.