Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards ("the Schedule") includes the federal grant
activity of Granbury Independent School District. The information in the Schedule is presented in accordance
with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200 Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
("Uniform Guidance"). Therefore, some amounts may differ from amounts presented in, or used in the
preparation of, the basic financial statements.
Title: Reconciliation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A
See the Notes to the SEFA for chart/table