Notes to SEFA
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state award activity of the Lake Holcombe School District (the District) under programs of the federal and state
governments for the year ended June 30, 2023. The information in these Schedules is
presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance) and the Wisconsin State Single Audit Guidelines. Because the Schedules
present only a selected portion of the operations of the District, they are not intended to and
do not present the financial position, changes in net position, or cash flows of the District. The accompanying schedules of expenditures of federal awards and state financial
assistance are presented using the modified accrual basis of accounting, which is
described in Note 1 to the District’s financial statements. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance and State Single Audit
Guidelines, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to us the 10% de minimis indirect cost rate. The District did not pass-through any amounts to subrecipients during the year.