Notes to SEFA
Accounting Policies: Expenditures reported in 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. Algona Community School District made no subrecipient payments.
De Minimis Rate Used: N
Rate Explanation: Algona Community School District has elected not to use the 10% de minimis indirect cost
rate as allowed under the Uniform Guidance.