Notes to SEFA
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: The District prepares its financial statements on the modified cash basis, which is in conformity with the accounting practices prescribed or permitted by the State of Nebraska Department of Education; consequently, these statements represent a summary of the cash activity of the various funds of the District and do not include certain transactions that would be included if the District prepared its financial statements in accordance with generally accepted accounting principles, as applicable to governmental units. Consequently, these financial statements are not intended to present financial position or results of operations in conformity with generally accepted accounting principles, as applicable to governmental units.
De Minimis Rate Used: N
Rate Explanation: The School districts do not recognize indirect costs.
The schedule of expenditures of federal awards on the previous page includes the federal grant activity of Niobrara Public Schools and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements
Title: NOTE B. SUBRECIPIENTS
Accounting Policies: The District prepares its financial statements on the modified cash basis, which is in conformity with the accounting practices prescribed or permitted by the State of Nebraska Department of Education; consequently, these statements represent a summary of the cash activity of the various funds of the District and do not include certain transactions that would be included if the District prepared its financial statements in accordance with generally accepted accounting principles, as applicable to governmental units. Consequently, these financial statements are not intended to present financial position or results of operations in conformity with generally accepted accounting principles, as applicable to governmental units.
De Minimis Rate Used: N
Rate Explanation: The School districts do not recognize indirect costs.
There are no subrecipients to the federal awards of Niobrara Public Schools, Knox County, Nebraska.
Title: NOTE C. FOOD DISTRIBUTION
Accounting Policies: The District prepares its financial statements on the modified cash basis, which is in conformity with the accounting practices prescribed or permitted by the State of Nebraska Department of Education; consequently, these statements represent a summary of the cash activity of the various funds of the District and do not include certain transactions that would be included if the District prepared its financial statements in accordance with generally accepted accounting principles, as applicable to governmental units. Consequently, these financial statements are not intended to present financial position or results of operations in conformity with generally accepted accounting principles, as applicable to governmental units.
De Minimis Rate Used: N
Rate Explanation: The School districts do not recognize indirect costs.
Nonmonetary assistance is reported in the schedule at fair market value of the commodities received and disbursed.