Notes to SEFA
Title: Reconcilement to the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Varnett Public School and is presented on the full accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). National School Lunch Program non-cash commodities and other non-cash assistance are recorded at their estimated market value at the time of donation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Presented below is a reconciliation of federal revenues: See the Notes to the SEFA for chart/table.