Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lennox School District No. 41-4 under programs of the federal government for the year ended. 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 Lennox School District No. 41-4, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lennox School District No. 41-4. 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. The Lennox School District has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lennox School District No. 41-4 under programs of the federal government for the year ended. 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 Lennox School District No. 41-4, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lennox School District No. 41-4.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lennox School District No. 41-4 under programs of the federal government for the year ended. 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 Lennox School District No. 41-4, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lennox School District No. 41-4. 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. The Lennox School District has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
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.
Title: Indirect Cost Rate:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lennox School District No. 41-4 under programs of the federal government for the year ended. 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 Lennox School District No. 41-4, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lennox School District No. 41-4. 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. The Lennox School District has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
Lennox School District has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Major Federal Financial Assistance Program:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lennox School District No. 41-4 under programs of the federal government for the year ended. 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 Lennox School District No. 41-4, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lennox School District No. 41-4. 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. The Lennox School District has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
This represents a Major Federal Financial Assistance Program.
Title: Federal Reimbursements:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lennox School District No. 41-4 under programs of the federal government for the year ended. 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 Lennox School District No. 41-4, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lennox School District No. 41-4. 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. The Lennox School District has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
Federal reimbursements are not based upon specific expenditures. Therefore, the amounts reported here represent cash received rather than federal expenditures.