Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant.
The period of availability for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the ending date of the federal project period extended 30 days beyond the federal project period ending date, in accordance with provisions in Section H, Period of Availability of Federal Funds, Part 3, the Uniform Guidance.
Expenditures of federal awards are reported in the Charter Holder’s financial statements as follows: