Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Truh or Consequences Municipal Schools and is presented on the modified accrual basis of accounting, which is the same basis as was used to prepare the fund financial statements. The information in this Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amount presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
The District did not expend federal awards related to loans or loan guarantees during the year
The District did not elect to use the allowed 15% indirect cost rate.
The District has no federally funded insurance.