Notes to SEFA
Title: Note 3—Noncash assistance
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Community Consolidated School District No. 146 (the “District”) for the year ended June 30, 2024 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate.
Noncash assistance expended by the District amounted to $42,175 for commodities passed through the Illinois State Board of Education.
Title: Note 4—Other information
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Community Consolidated School District No. 146 (the “District”) for the year ended June 30, 2024 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate.
Insurance coverage in effect paid with federal funds during the fiscal year amounted to zero. Loans/loan guarantees outstanding at June 30, 2024 amounted to zero. The District had no federal grants requiring matching expenditures during the year ended June 30, 2024.