Notes to SEFA
Title: Reconciliation of SEFA to financial statement revenues
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting for governmental funds and accrual basis for proprietary funds with the exception of the Community Facilities bonds which are required to be reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal revenue reported in governmental funds $555,749; proprietary funds operating grant $249,241, capital grant $4,464; Community Facilities bonds outstanding $1,025,000 totals $1,834,454 which agrees to expenditures reported on the SEFA.