Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Lake Park-Audubon Public School District No. 2889 has not elected 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 grant activity
of Lake Park-Audubon Public School District No. 2889 under programs of the federal government for the year
ended June 30, 2023. 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 Lake Park-Audubon Public School District No. 2889, it is not intended to and does not present
the financial position changes in net position of Lake Park-Audubon Public School District No. 2889.
Title: Summary of Signficant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Lake Park-Audubon Public School District No. 2889 has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the schedule are presented on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types
of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been
provided to a subrecipient.
Lake Park-Audubon Public School District No. 2889 has not elected to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.