Notes to SEFA
Accounting Policies: Note 1: Basis of presentation. The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Lago Vista Independent School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Note 3: Indirect costs. The District has elected to use the 10% de minimis indirect cost rate.