Notes to SEFA
Title: Reconciliation to Basic Financial Statements
Accounting Policies: General, The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Chatham School District (School District). The School District's reporting entity is defined in Note 1 to the School District's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included in the schedule.Basis of Accounting The accompanying SEFA is presented using the modified-accrual basis of accounting, which is described in Note 1 to the School District's basic financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance and OMB Circulars, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The School District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a reconciliation of federal revenues reported in the School District's basic financial statements to federal expenditures reported in the SEFA: Federal revenues as reported in the basic financial statements $2,052894 Contract revenues reported as federal revenues in the basic financial (385,795) Add: Federal Impact Aid received in prior year and reserved in fund balanceexpended in current year 332,693 Federal revenues reported as other local revenue in the basic financial statements 6,452 Federal share of expenditures as reported in the SEFA $2,006,244