Notes to SEFA
Accounting Policies: (1) FEDERAL EXPENDITURES
The Schedule of Expenditures of Federal Awards and Certain State Grants reflects federal expenditures for all
individual grants which were active during the fiscal year. Additionally, the Schedule reflects expenditures for
certain state grants.
(2) BASIS OF ACCOUNTING
The District uses the modified accrual method of recording transactions. Revenues are recorded when
measurable and available. Expenditures are recorded when incurred.
(3) ACCESS PROGRAM
The ACCESS Program is a medical assistance program that reimburses local educational agencies for direct
eligible health-related services provided to enrolled special needs students. Reimbursements are federal
source revenues but are classified as fee-for-service and are not considered federal financial assistance. The
amount of ACCESS funding recognized for the year ended June 30, 2023 was $2,121,175.
(4) QUALIFIED SCHOOL CONSTRUCTION BONDS PROGRAM
The District participates in the Qualified School Construction Bonds ("QSCB") programsponsored by the State
Public School Authority ("SPSBA"). In conjunction with the QSCB Program, the District receives subsidy
reimbursements for a portion of the interest payments made under its loan agreements with the SPSBA.
Reimbursements are federal source revenues but are not considered federal financial assistance. The amount
of QSCB subsidy payments recognized for the year ended June 30, 2023 was $3,049,613.
(5) INDIRECT COSTS
The amount expended includes $110,699 claimed as an indirect cost recovery using an approved indirect cost
rate of 3.68 percent. The District has not elected to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $110,699 claimed as an indirect cost recovery using an approved indirect cost rate of 3.68 percent. The District has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.