Title: Basis of Presentation
Accounting Policies: The accompanying schedule of federal awards (schedule) includes the federal grant activity of Independent School District No. 707 - Nett Lake, Minnesota and is presented on the modified accrual basis of accounting. The information in this schedule 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. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimus cost rate.
The accompanying schedule of federal awards (schedule) includes the federal grant activity of Independent School District No. 707 - Nett Lake, Minnesota and is presented on the modified accrual basis of accounting. The information in this schedule 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. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: Child Nutrition Cluster
Accounting Policies: The accompanying schedule of federal awards (schedule) includes the federal grant activity of Independent School District No. 707 - Nett Lake, Minnesota and is presented on the modified accrual basis of accounting. The information in this schedule 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. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimus cost rate.
Cash receipts from the U.S. Department of Agriculture through the Minnesota Department of Education are included in revenues from federal sources. It is assumed that federal funds are expended first. Nonmonetary assistance in the form of commodities received are reported in the schedule at fair market value.
Title: Subrecipients
Accounting Policies: The accompanying schedule of federal awards (schedule) includes the federal grant activity of Independent School District No. 707 - Nett Lake, Minnesota and is presented on the modified accrual basis of accounting. The information in this schedule 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. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimus cost rate.
Independent School District No. 707 did not pass any federal money to subrecipients.
Title: Pass-Through Entities
Accounting Policies: The accompanying schedule of federal awards (schedule) includes the federal grant activity of Independent School District No. 707 - Nett Lake, Minnesota and is presented on the modified accrual basis of accounting. The information in this schedule 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. Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimus cost rate.
All pass-through entities listed on the schedule use the same Assistance Listing numbers as the federal grantors to identify these grants, and have not assigned any additional identifying numbers.