Notes to SEFA
The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in Note 1 to the District’s financial statements.
Federal award expenditures are reported in the School District’s financial statements in the Special Revenue Funds primarily as expenditures and as prepaids in certain cases.
Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports except for primarily timing differences relating to expenditures made subsequent to the filing of the federal financial reports.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.