Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of Lexington City School System under programs of the federal and state governments for the year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
Title: indirect Cost Rate
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
Lexington City School System has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.