Notes to SEFA
Title: Note 1.
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable and accrued items, capital
assets and depreciation, leases, subscription based information technology arrangements and related
long term debt including pension and other postemployment benefit liabilities.
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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant
activity of Sherrard Community Unit School District #200 under programs of the federal government for
the year ended June 30, 2024. 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 Sherrard Community Unit School District #200, it is
not intended to and does not present the financial position, changes in net position or cash flows of
Sherrard Community Unit School District #200.
Title: Note 2.
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable and accrued items, capital
assets and depreciation, leases, subscription based information technology arrangements and related
long term debt including pension and other postemployment benefit liabilities.
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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance
Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of accounting other than accounting principles generally accepted in the United States of America. Accordingly, revenue is recognized and recorded in the account when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of accounting does not give effect to accounts receivable, accounts payable and accrued items, capital assets and depreciation, leases, subscription based information technology arrangements and related long term debt including pension and other postemployment benefit liabilities.
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.
Title: Note 3.
Accounting Policies: Expenditures reported on the schedule are reported on the cash basis of accounting which is a basis of
accounting other than accounting principles generally accepted in the United States of America.
Accordingly, revenue is recognized and recorded in the account when cash is received. In the same
manner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis of
accounting does not give effect to accounts receivable, accounts payable and accrued items, capital
assets and depreciation, leases, subscription based information technology arrangements and related
long term debt including pension and other postemployment benefit liabilities.
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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance
The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.