Notes to SEFA
The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The federal share of the enterprise funds is commingled with state and local funding, as well as revenues provided from user charges. Expenditures are assumed to be paid first from the federal revenues for purposes of the Schedule. Commodities received from the U.S. Department of Agriculture are valued at fair market value and recorded as expenditures when used. During the fiscal year ended June 30, 2025, the fair market value of commodities consumed was $5,335,087 and are included in assistance listing number 10.555 in the accompanying schedule.
Total expenditures per the Schedule of Expenditures of Federal Awards (the Schedule) reconcile to the Board's basic financial statements as follows: