Notes to SEFA
Title: NOTE 1. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as used in the governmental financialstatements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management andBudget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award,wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbersare presented where available.
De Minimis Rate Used: Y
Rate Explanation: The School District elected to use the 4.05-percent indirect cost rate certified for this district under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Lewistown SchoolDistrict No. 1 (School District) under programs of the federal government for the fiscal year ended June 30, 2022. The informationin this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the School District, it is not intended to and does not present thefinancial position, changes in net position or cash flows of the School District.
Title: NOTE 4. FOOTNOTES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as used in the governmental financialstatements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management andBudget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award,wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbersare presented where available.
De Minimis Rate Used: Y
Rate Explanation: The School District elected to use the 4.05-percent indirect cost rate certified for this district under the Uniform Guidance.
Fn1 No separate funds or accounts maintained; the School District assumes first in first out for program money.Fn2 The value of commodities (revenues, expenses or inventory) are not displayed in the basic financial statements.N/A Not applicable/available.