Notes to SEFA
Accounting Policies: Basis of presentation The information in the Schedule is presented in accordance with the UniformGuidance.Federal financial assistance Pursuant to the Uniform Guidance, federal financial assistance is definedas assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts,cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or directappropriations. Non-monetary assistance is included in the Schedule, if applicable. Federal financialassistance does not include direct federal cash assistance to individuals, or solicited contracts betweenthe state and federal government through which the federal government procures tangible goods orservices.Reporting entity The reporting entity is fully described in Note 1 of the financial statements(incorporated by reference only). Additionally, the Schedule includes all federal programs administered bythe District for the year ended December 31, 2022.Revenue and expense recognition As in the financial statements, the receipt and recognition asexpense of federal awards are accounted for using a flow of economic resources measurement focus todetermine financial position, and change in financial position. The accounting principles used are similarto those applicable in businesses in the private sector and are maintained on the accrual basis ofaccounting. Revenues are recognized when earned, and expenses are recognized when incurred.Grantor agency guidelines require that the entire amount of the assistance be recognized on theSchedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.