Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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
De Minimis Rate Used: N
Rate Explanation: Costs are charged as direct costs.
The Schedule of Expenditures of Federal Awards includes the federal award activity of Marengo Community High School District No. 154 under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may offer from amounts presented in, and used in the preparation of, the basic financial statements.
Title: NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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
De Minimis Rate Used: N
Rate Explanation: Costs are charged as direct costs.
Expenditures reported on the Schedule are reported on the cash 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.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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
De Minimis Rate Used: N
Rate Explanation: Costs are charged as direct costs.
The District has elected not to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
Title: NOTE 4 - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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
De Minimis Rate Used: N
Rate Explanation: Costs are charged as direct costs.
The District did not provide federal awards to subrecipients during the year ended June 30, 2024.
Title: NOTE 5 - FEDERAL LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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
De Minimis Rate Used: N
Rate Explanation: Costs are charged as direct costs.
There was no federal loans or loan guarantees outstanding at year end.
Title: NOTE 6 - DONATED PERSONAL PROTECTIVE EQUIPMENT (PPE) (UNAUDITED)
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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
De Minimis Rate Used: N
Rate Explanation: Costs are charged as direct costs.
The District was not the recipient of federally donated PPE.