Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying Goshen County School District #1 (the District) Schedule of Expenditures of Federal Awards (the Schedule) are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The District provided no Federal funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Schedule includes the Federal award activity of the District under programs of the Federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the accompanying Goshen County School District #1 (the District) Schedule of Expenditures of Federal Awards (the Schedule) are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The District provided no Federal funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Schedule includes the following noncash items as expenditures: U.S. Department of Agriculture (USDA) Commodities of $63,079. The values of USDA Commodities have been recorded at their fair value at the date of issuance.