Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District 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 activity of Lakota Local School District, Sandusky County, Ohio (the District) under programs of the federal government for the fiscal year ended June 30, 2024. The information on this Schedule is prepared 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 operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be
allowable or may be limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Child Nutrition Cluster
Accounting Policies: Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District commingles cash receipts from the U.S. Department of Agriculture with similar State grants. When
reporting expenditures on this Schedule, the District assumes it expends federal monies first.
Title: Food Donation Program
Accounting Policies: Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District reports commodities consumed on the Schedule at the entitlement value. The District allocated donated
food commodities to the respective program that benefited from the use of those donated food commodities.
Title: Transfers Between Program Years
Accounting Policies: Expenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal regulations require schools to obligate certain federal awards by June 30. However, with Ohio Department of
Education’s consent, schools can transfer unobligated amounts to the subsequent fiscal year’s program.
The District transferred the following amount from 2024 to 2025 programs:
See the notes to the SEFA for the table