Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Lake
City Area Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Lake City Area Schools 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 Lake City Area Schools, it is not intended to and does not present the financial position or changes in net
position of Lake City Area Schools.
The District qualifies for low-risk auditee status. Management has utilized the NexSys, Cash Management System
and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards. The District does
not pass-through federal funding.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Lake
City Area Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Lake
City Area Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown
on the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Lake
City Area Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Federal expenditures are reported as revenue in the following funds in the financial statements:
General Fund $ 1,708,806
Nonmajor governmental funds 895,264
Expenditures per schedule of expenditures of federal awards $ 2,604,070