Notes to SEFA
Title: Reporting Entity
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified cash basis of accounting which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. This basis of accounting is consistent with the method utilized for the basic financial statements.
Certain federal grants received by the School District are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above, expenditure balances for these grants represent the expenditure of funds received during the course of the year. This treatment results in timing differences, which are resolved over the term of the grant period.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis cost rate.
The District, for purposes of the Schedule of Expenditures of Federal Awards, includes all funds for which the District is financially accountable and includes the funds for which ESU 18 is financially accountable.
Title: Pass-Through Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified cash basis of accounting which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. This basis of accounting is consistent with the method utilized for the basic financial statements.
Certain federal grants received by the School District are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above, expenditure balances for these grants represent the expenditure of funds received during the course of the year. This treatment results in timing differences, which are resolved over the term of the grant period.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis cost rate.
The District 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: Non-Cash Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified cash basis of accounting which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. This basis of accounting is consistent with the method utilized for the basic financial statements.
Certain federal grants received by the School District are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above, expenditure balances for these grants represent the expenditure of funds received during the course of the year. This treatment results in timing differences, which are resolved over the term of the grant period.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis cost rate.
The National School Lunch Program involves both cash and non-cash awards to the District. Such non-cash awards consist of donated commodities, which are separately identified, in the Schedule of Expenditures of Federal Awards. Donated commodity expenditures are determined on a first-in, firstout basis.
Title: Contingencies
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified cash basis of accounting which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. This basis of accounting is consistent with the method utilized for the basic financial statements.
Certain federal grants received by the School District are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above, expenditure balances for these grants represent the expenditure of funds received during the course of the year. This treatment results in timing differences, which are resolved over the term of the grant period.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis cost rate.
The District 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 non-compliance. 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 any material financial impact.