Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Indian Creek CUSD No. 425 and is presented on the regulatory basis of accounting as prescribed by ISBE. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the General-Purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.