Notes to SEFA
Accounting Policies: The schedule includes the federal grant activity of the Three Rivers Education for Employment system and is presented using the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. The information in this schedule is presented in accordance with the requirements of Uniform Guidance, Audit of States, Local Governments and Non-Profit Organizations. Accordingly, revenues are recognized and recorded in the accounts when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash.
De Minimis Rate Used: N
Rate Explanation: Three Rivers Education for Employment System did not elect to use the 10 percent de minimus cost rate for fiscal year June 30, 2024.