Title: Basis of Funding
Accounting Policies: Fort Worth Independent School District (the District) utilizes the fund types specified in the Texas Education Agency’s Financial Accounting System Resource Guide.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the District and is presented using the current financial resources measurement focus and the modified accrual basis of accounting except as related to the Child Nutrition Cluster, which uses the economic resources measurement focus and the accrual basis of accounting, which is described in Note 1 to the District’s basic financial statements. The information in this schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly when such funds are received, they are recorded as unearned revenues
until earned.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Federal funding for Food Services under child nutrition programs is primarily based upon the number and type of meals served and user charges as reported to the U.S. Department of Agriculture. Federal and state funding received related to various other grant programs is based upon periodic reports detailing reimbursable expenditures made in compliance with the program guidelines to the grantor agencies. The programs are governed by various rules and regulations of the grantors. Amounts received and receivable under these various funding programs are subject to periodic audit and adjustment by the funding agencies. To the extent, if any, that the District has not complied with all the rules and regulations with respect to performance, financial or otherwise, adjustment to or return of funding monies may be required. In the opinion of the District’s management, there are no significant contingent liabilities relating to matters of compliance and, accordingly, no provision has been made in the basic financial statements for such contingencies.
Title: Like-Kind Goods Received
Accounting Policies: Fort Worth Independent School District (the District) utilizes the fund types specified in the Texas Education Agency’s Financial Accounting System Resource Guide.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the District and is presented using the current financial resources measurement focus and the modified accrual basis of accounting except as related to the Child Nutrition Cluster, which uses the economic resources measurement focus and the accrual basis of accounting, which is described in Note 1 to the District’s basic financial statements. The information in this schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly when such funds are received, they are recorded as unearned revenues
until earned.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Under the Commodity Supplement (Assistance Listing Number 10.555), the District received like kind goods during the year. The monetary value of these goods was $4,278,327 for the year ended June 30, 2023.
Title: Reconciliation of SEFA to Basic Financial Statements
Accounting Policies: Fort Worth Independent School District (the District) utilizes the fund types specified in the Texas Education Agency’s Financial Accounting System Resource Guide.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the District and is presented using the current financial resources measurement focus and the modified accrual basis of accounting except as related to the Child Nutrition Cluster, which uses the economic resources measurement focus and the accrual basis of accounting, which is described in Note 1 to the District’s basic financial statements. The information in this schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance).
Federal grants are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly when such funds are received, they are recorded as unearned revenues
until earned.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Federal financial assistance programs are reported in District’s financial statements in the General Fund, Federal Grant Fund and Enterprise Fund.
Certain amounts have been excluded from the schedule of expenditures of federal awards by request of the funding agency as these amounts are not considered federal financial assistance as defined by the Uniform Guidance. A reconciliation of the schedule of federal awards to the basic financial statements is as follows: See Notes to the SEFA for footnote.