Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Modified Cash Basis
De Minimis Rate Used: N
Rate Explanation: The auditee chose not to use a de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Lakeview Community Schools, District No. 5, Platte County, and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements Tile 2, U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: FOOD DISTRIBUTION
Accounting Policies: Modified Cash Basis
De Minimis Rate Used: N
Rate Explanation: The auditee chose not to use a de minimis cost rate.
Non-monetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
Title: INDIRECT COST
Accounting Policies: Modified Cash Basis
De Minimis Rate Used: N
Rate Explanation: The auditee chose not to use a de minimis cost rate.
Lakeview Community Schools District No. 5, Platte County did not elect to use the 10% de minimis indirect cost rate allowed when computing the amounts in the schedule of expenditures of federal awards.