Title: Note 1: Basis of Presentation
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Educational Service Unit No. 2 (ESU 2), under programs of the federal government for the year ended June 30, 2024. The information in the Schedule of Expenditures of Federal Awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule of Expenditures of Federal Awards presents only a selected portion of the operations of ESU 2, it is not intended to and does not present the financial position, changes in net position, or cash flows of ESU 2.
Title: Note 2: Basis of Accounting
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3: Reporting Entity
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
ESU 2, for purposes of the Schedule of Expenditures of Federal Awards, includes all funds for which ESU 2 is financial accountable.
Title: Note 4: Pass-through Awards
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
ESU 2 receives certain federal awards in the form of pass-through awards from the State of Nebraska and other various agencies. Such amounts received as pass-through awards are specifically identified on the Schedule of Expenditures of Federal Awards.
Title: Note 5: Subrecipients
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
ESU 2 serves as the administrative conduit for passing through federal grant funds to various school districts within the entity's geographical boundaries. The amounts provided to these school districts are noted on the face of the Schedule of Expenditures of Federal Awards.
Title: Note 6: Contingencies
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
ESU 2 receives funds under various federal grant programs and such assistance is to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of noncompliance. Management believes that they have complied with all aspects of the various grant provisions and the results of adjustments, if any, relating to such audits would not have a material financial impact.
Title: Note 7: Indirect Costs
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
ESU 2 has elected not to use the 10% de minimis cost rate.
Title: Note 8: Reconciliation of Federal Expenditures
Accounting Policies: The SEFA is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: ESU2 has elected not to use the 10% de minimis cost rate.
[See the Notes to the SEFA for chart/table]