Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) 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 and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Lakeland Joint School District No. 272 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 Lakeland Joint School District No. 272, it is not intended to and does not present the financial
position, changes in fund balance, or cash flows of Lakeland Joint School District No. 272.
Title: Summary of Significant Accounting Policies
Accounting Policies: (1) 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 and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
(1) 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 and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Title: Food Distribution
Accounting Policies: (1) 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 and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the Schedule at the fair market value of the
commodities received and disbursed. The value of the non-cash assistance for the year ended
June 30, 2024 was $116,116.
Title: Sub-Recipients
Accounting Policies: (1) 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 and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Lakeland Joint School District No. 272 has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to sub-recipients.