Notes to SEFA
Title: Basis of Presentation
Accounting Policies: the cost principles contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: District has not elected to use the 10% de Minimis indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the District’s 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 District’s operations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District.
Title: Significant Accounting Policies
Accounting Policies: the cost principles contained in the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: District has not elected to use the 10% de Minimis indirect cost rate
Expenditures reported on the Schedule are reported on the 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. Revenue is recognized when earned, and expenses are recognized when incurred. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. The District has not elected to use the 10% de Minimis indirect cost rate as allowed under the Uniform Guidance.