Notes to SEFA
Title: General
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Grant Community High School District No. 124. The District's reporting entify is defined in note 1 to the District's financial statements. Federal awards passed through other governmental agencies are included in this schedule.
Title: Basis of Accounting
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
Title: Relationship to Basic Financial Statements
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
Federal awards received are reflected in the District's financial statements within the Educational Fund as receipts from federal sources.
Title: Relationship to Program Financial Reports
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
Amouns reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported with the Illinois State Board of Education.
Title: Non Cash Assistance
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The fair market value of federal awards expended in the form of non-cash assistance was $69,553 in the form of food commodities form the US Dept. of Agriculture & Department of Defense for the year-ended June 30, 2024.
Title: Non Cash Assistance
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The amount of federal insurance in effect during the year ended June 30, 2024 was $-0-. The amount of federal loans or loan guarantees, including interest subsidies, outstanding at June 30, 2024 was $-0-.
Title: Subrecipients
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
No amounts were provided to subrecipients during the year ended June 30, 2024.
Title: Indirect Facilities & Admin Costs
Accounting Policies: See Attached from Form 2
De Minimis Rate Used: N
Rate Explanation: No de minimis cost rate was used.
The School District did not elect to use a 10% de minimis cost rate.