Notes to SEFA
Federal revenues are reported in the School Board's financial statements as follows:
Federal sources - direct $ 8,947,915
Federal sources - subgrants 14,277,240
Less: Timing differences between recognition of revenues and expenditures (2,850,158)
Total amount as reported on the schedule of federal awards $ 20,374,997
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received
and disbursed. During the year ended June 30, 2025, the School Board received commodities valued
at $442,529. At June 30, 2025, the School Board had food commodities totaling $360,384 in inventory.