Notes to SEFA
Title: Note 3: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Clovis Municipal Schools and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this Schedule is presentedinaccordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presentedin this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 4: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Clovis Municipal Schools and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this Schedule is presentedinaccordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presentedin this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District has no federally funded insurance.
Title: Note 5: Noncash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Clovis Municipal Schools and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this Schedule is presentedinaccordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presentedin this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District expended noncash assistance in the form of commodities provided by USDA.
Title: Note 6: Reconciliation of Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federalgrant activity of the Clovis Municipal Schools and is presented on the modified accrual basis ofaccounting, which is the same basis as was used to prepare the fund financial statements. Theinformation in this Schedule is presentedinaccordance with the requirements of UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Therefore, some amounts presentedin this schedule may differ from amountspresented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See table in financial statement on page 159