Notes to SEFA
Title: NOTE 1 - 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: Wyoming Public 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 Wyoming Public 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
Wyoming Public Schools, it is not intended to and does not present the financial position or changes in net
position of Wyoming Public 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.
Title: NOTE 2 - 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: Wyoming Public 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.
Wyoming Public Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: NOTE 3 - 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: Wyoming Public 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: