Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (schedule) includes the federal grant activity of the Gadsden Independent School District No.16 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 amounts 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.
Total federal expenditures reported on the Schedule of Expenditures of Federal Awards (SEFA) for the year ended June 30, 2025 totaled $37,180,237. Federal revenue reported in the Statement of Revenues, Expenditures, and Changes in Fund Balances totaled $37,564,683. The difference of $384,446 represents federal expenditures incurred during the fiscal year that were not recognized as revenue in the governmental funds due to timing differences related to reimbursement and the modified accrual basis of accounting.