Notes to SEFA
Title: General
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
The accompany Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Libertyville School District No. 70. The District's reporting entity is defined in Note 1 to the District's financial statements. Federal awards passed through other government agencis ar included on the schedule.
Title: Basis of Accounting
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis of accounting,which is described in Note 1 to the District's financial statements.
Title: Relationship to Basic Financial Statements
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
Federal awards received are reflected in the District's financial statements with the Educational Fund as receipts form federal sources.
Title: Relationship to Program Financial Reports
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs, which have filed final reports as of June 30, 2024, with the Illinois State Board of Education.
Title: Federal Non-Cash Assistance
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
The fair market value of federal awards expended in the form of Non-cash assistance was $-0- for the year ended June 30, 2024. The fair market value of federal awards expended in the form of donated, federally funded personal protective equipment (PPE) received was $-0- during the year ended June 30, 2024.
Title: Insurance & Loans
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
The amount of 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 the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
No amounts were provided to subrecipients during the year ended June 30, 2024.
Title: Indirect Facilities & Administrative Costs
Accounting Policies: See the attached Form
De Minimis Rate Used: N
Rate Explanation: None needed
The School District did not elect to use a 10% de minimis cost rate.