Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule have been prepared using the modified accrual basis of accounting which is the same basis used in preparing the basic financial statements of the District. 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.
No funds were identified as having been provided to subrecipients by the District under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding for the year ended June 30, 2023. For the year ended June 30, 2023, the District received $100,863 of noncash assistance in the form of food commodities that is included under the Department of Agriculture passed through the Illinois State Board of Education (ALN #10.555).
De Minimis Rate Used: N
Rate Explanation: The District did not record any indirect costs against its federal grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Oak Lawn-Hometown School District 123 (the District) 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 the District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule have been prepared using the modified accrual basis of accounting which is the same basis used in preparing the basic financial statements of the District. 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.
No funds were identified as having been provided to subrecipients by the District under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding for the year ended June 30, 2023. For the year ended June 30, 2023, the District received $100,863 of noncash assistance in the form of food commodities that is included under the Department of Agriculture passed through the Illinois State Board of Education (ALN #10.555).
De Minimis Rate Used: N
Rate Explanation: The District did not record any indirect costs against its federal grants.
The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule have been prepared using the modified accrual basis of accounting which is the same basis used in preparing the basic financial statements of the District. 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.
No funds were identified as having been provided to subrecipients by the District under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding for the year ended June 30, 2023. For the year ended June 30, 2023, the District received $100,863 of noncash assistance in the form of food commodities that is included under the Department of Agriculture passed through the Illinois State Board of Education (ALN #10.555).
De Minimis Rate Used: N
Rate Explanation: The District did not record any indirect costs against its federal grants.
Expenditures reported on the Schedule have been prepared using the modified accrual basis of accounting which is the same basis used in preparing the basic financial statements of the District. 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.
No funds were identified as having been provided to subrecipients by the District under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding for the year ended June 30, 2023. For the year ended June 30, 2023, the District received $100,863 of noncash assistance in the form of food commodities that is included under the Department of Agriculture passed through the Illinois State Board of Education (ALN #10.555).