Notes to SEFA
Title: EXPENDITURES REPORTED IN PRIOR PERIOD FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Midway Independent School District (the District). The Districts reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. The SEFA is presented using the modified accrual basis of accounting. The Districts significant accounting policies, including the modified accrual basis of accounting, are presented in Note 1 of the basic financial statements. The SEFA 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). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures of $2,235,685 for ESSER II and ESSER III were incurred in a previous year but are reported on the Schedule of Expenditures of Federal Awards for the year ended August 31, 2022. The ESSER funding was awarded in fiscal year 2022.
Title: RECONCILIATION OF FEDERAL REVENUES AND THE SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all applicable federal award programs of Midway Independent School District (the District). The Districts reporting entity is defined in Note I of the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the SEFA. The SEFA is presented using the modified accrual basis of accounting. The Districts significant accounting policies, including the modified accrual basis of accounting, are presented in Note 1 of the basic financial statements. The SEFA 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). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is the reconciliation of federal revenues and the Schedule of Expenditures of Federal Awards for the fiscal year: Federal revenues per the Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds (Exhibit C-3) $9,823,872. ESSER II and ESSER III Funds recognized in prior year but approved in current year $2,235,685. School health and related services revenue ($1,023,105). Federal expenditures per the Schedule of Expenditures of Federal Awards (Exhibit K-1) $11,036,452.