Notes to SEFA
Accounting Policies: Note 1: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of the District under programs of the federal government for the yearended June 30, 2021. The information in this Schedule is presented in accordance with the requirementsof 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of the District, it is not intended to and does not present the financial position, changes in fundbalance, or cash flows of the District. Some amounts presented in this schedule may differ from theamounts presented in the Districts Basic Financial Statements.INDEPENDENT SCHOOL DISTRICT #777Note 2: Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported onthe modified accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement. The District has not elected to use the 10% de minims indirect cost rate as allowedunder Uniform Guidance.Note 2: Non-monetary assistance of $39,144 is reported in this schedule, representing the value of commoditiesreceived and disbursed for the U.S. Department of Agriculture National School Lunch Program (CFDA No.10.555).Note 3: All pass-through entities listed above use the same CFDA numbers as the federal grantors to identifythese grants, and have not assigned any additional identifying numbers.Note 4: During the year ended June 30, 2021 the District did not pass any federal money to sub-recipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.