Notes to SEFA
Title: 1.) Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits made
in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Lebanon Special School District elected not to use the 10% percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of Lebanon Special School 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the schedule presents only a selected portion of the operations of Lebanon Special
School District, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Lebanon Special School District.
Title: 2.) Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits made
in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Lebanon Special School District elected not to use the 10% percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits made
in the normal course of business to amounts reported as expenditures in prior years.
Title: 3.) Indirect Cost Rates
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits made
in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Lebanon Special School District elected not to use the 10% percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Lebanon Special School District elected not to use the 10% percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
90