Notes to SEFA
The schedule of expenditures of federal and certain state awards is a listing of the total federal financial assistance received, both directly and/or indirectly, from federal and state grantor agencies.
The District uses the modified accrual basis of accounting to report federal, state and other grants. Revenues designated for payment of specified District expenditures are recognized when the related expenditures are incurred. Any excess receipts or expenditures at the fiscal year-end are recorded as unearned revenue or a receivable, respectively. The modified accrual basis of accounting is described in Note A to the financial statements. Total assistance is valued at the sum of cash received and the value of U.S.D.A. donated foods based upon the federal price list accompanying each shipment.
The School District has not elected to use the de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.