Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Cordova School
District under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of
the operations of Cordova School District, it is not intended to and does not present the financial position, or changes in net position
of Cordova School District. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited
as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Auditee deemed that most efficient