Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis, which conforms to 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 District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at the fiscal year end is recorded as unearned revenue or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis rate for charging indirect costs to programs.