Notes to SEFA
Title: NOTE 3. RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards include federal activity of the Board of Education of the River Dell Regional School District (the District). The Board of Education (the Board) is defined in Note 1 to the Districts financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included on the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards is presented on the budgetary basis of accounting. This basis of accounting is described in Note 1 to the Districts financial statements. The information in this schedule 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 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 financial statements present the General Fund, Special Revenue Fund, and Debt Service Fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the General Fund and Special Revenue Fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made. The General Fund is presented in the accompanying schedule on the modified accrual basis. The Special Revenue Fund is presented in the accompanying schedule on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Exhibit K-5 Federal awards revenues are reported in the Districts basic financial statements on a GAAP basis as follows: Federal Special Revenue Fund $861,213. Total federal awards - GAAP Basis $861,213
Title: NOTE 4. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards include federal activity of the Board of Education of the River Dell Regional School District (the District). The Board of Education (the Board) is defined in Note 1 to the Districts financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included on the schedule of expenditures of federal awards. The accompanying schedule of expenditures of federal awards is presented on the budgetary basis of accounting. This basis of accounting is described in Note 1 to the Districts financial statements. The information in this schedule 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 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.
Amounts reported in the accompanying schedule may not necessarily agree with the amounts reported in the related federal financial reports due to timing differences between the Districts fiscal year and grant program years.