Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying Laramie County School District #1 (the “District”) Schedule of Expenditures of Federal Awards (the “Schedule”) are reported on the 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 District does not sub-grant Federal funds received.
De Minimis Rate Used: N
Rate Explanation: The District did not use the de minimus cost rate allowed under the Uniform Guidance. The District uses an indirect cost rate of 4.28% for restricted programs and 4.64% for unrestricted programs as approved by the Wyoming Department of Education.
The Schedule includes the federal award activity of the District under programs of the federal government for the year ended June 30, 2024. 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 (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, changes in net assets, or cash flows of the District.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the accompanying Laramie County School District #1 (the “District”) Schedule of Expenditures of Federal Awards (the “Schedule”) are reported on the 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 District does not sub-grant Federal funds received.
De Minimis Rate Used: N
Rate Explanation: The District did not use the de minimus cost rate allowed under the Uniform Guidance. The District uses an indirect cost rate of 4.28% for restricted programs and 4.64% for unrestricted programs as approved by the Wyoming Department of Education.
The Schedule includes the following noncash items as expenditures: U.S. Department of Agriculture (USDA) Commodities of $455,059. The values of USDA Commodities have been recorded at their fair value at the date of issuance.