Notes to SEFA
The Board did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2025.
The Board has no sub-recipients during the year ended September 30, 2025.
Grant monies received and disbursed by the Board are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Board does not believe that such disallowance, if any, would have a material effect on the financial position of the Board.
The Board is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds.
LEAs may transfer up to 100 percent of their allotments from programs authorized under the Elementary and Secondary Education Act (ESEA) to another applicable ESEA program. Transferred funds are subject to all of the requirements of the program(s) into which they are transferred. For the year ended September 30, 2025, the Board transferred $39,153 from Title IV, Part A (84.424A) into Title III, Part A (84.365A), increasing the total allotment of Title III to $78,270.
Total expenditures on the accompanying schedule of federal awards totaled $3,432,561. Federal revenues reported on the Statement of Revenues, Expenditures and Changes in Fund Balances—Governmental Funds totaled $3,561,490. The difference of $128,929 represents the change in federal receivables between September 30, 2024 and September 30, 2025 that did not meet the availability criteria for revenue recognition on the Governmental Fund Financial Statement. The Board recognizes revenue for these amounts in the fiscal year when the availability criteria is met.