Notes to SEFA
Accounting Policies: Note 1REPORTING ENTITYThe Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by Independent School District No. 2835, Janesville, Minnesota. The Districts reporting entity is defined in Note 1 to the financial statements.Note 2BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the District under programs of the federal government for the year ended June 30, 2022. The information 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 the District, it is not intended to and does not present the financial position or changes in net position of the District.Note 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the Schedule are reported on the modified accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Subpart E Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.Note 4FOOD DISTRIBUTIONNonmonetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed.Note 5SUBRECIPIENTSNo federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.