Notes to SEFA
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedules are reported on the
modified accrual basis of accounting. Such expenditures are
recognized following 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 schedules represent adjustments or credits made
in the normal course of business to amounts reported as
expenditures in prior years. School District of Hilbert has elected
not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the schedules are reported on the
modified accrual basis of accounting. Such expenditures are
recognized following 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 schedules represent adjustments or credits made
in the normal course of business to amounts reported as
expenditures in prior years. School District of Hilbert has elected
not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance. Pass-through entity identifying
numbers are presented where available.