Notes to SEFA
Title: 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 District does not use the de minimis cost rate.
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 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: 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 District does not use the de minimis cost rate.
There are no subrecipients to the federal awards of the District.
Title: 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 District does not use the de minimis cost rate.
Nonmonetary assistance is reported in the schedule at fair market value of the
commodities received and disbursed.