Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs of the Independent School District No. 345, New London, Minnesota (the District). The District's reporting entity is defined in note 1A to the District's financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from Federal agencies as well as Federal awards passed through other government agencies are included on the schedule.
Title: Subrecipients
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No federal expenditures presented in this schedule were provided to subrecipients.
Title: Pass-through Entity Identifying Numbers
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Pass-through entity identifying numbers, if any, are presented where available.