Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal grantactivity of Herscher Community Unit School District #2 and is presented on the regulatory(modified cash) basis of accounting. The information in this schedule is presented in accordancewith the requirements of the Uniform Guidance. Some amounts presented in this schedulediffered from amounts presented in, or used in the preparation of, the basic financial statements.Reconciliation of Schedule of Expenditures of Federal Awards to Basic Financial StatementsRevenues per Schedule of Expenditures of Federal Awards $ 2,997,032Add - Medicaid Fees-For-Services Program 86,031Less - Revenues per Schedule of Expenditures of FederalAwards Included on Prior-Year Audit Report ( 632,111)Less - Values of Commodities ( 33,483)Total Federal Revenues per Basic Financial Statements $ 2,417,469Subrecipients, Insurance, and LoansOf the federal expenditures presented in the schedule, the District did not provide any federalawards to subrecipients. The District did not have any federal insurance in effect during the yearand did not have any federal loans or loan guarantees outstanding at year end.De Minimis Cost RateThe District did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance ?200.414 Indirect Facilities and Administration Costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.