Notes to SEFA
Title: GENERAL
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting, which is described in Note 1 to the District’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state award activity of the Lake Holcombe School District (the District) under programs of the federal and state governments for the year ended June 30, 2024. The information in these Schedules is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Wisconsin State Single Audit Guidelines. Because the Schedules present only a selected portion of the operations of the District, they are not intended to and do not present the financial position, changes in net position, or cash flows of the District.
Title: FOOD DISTRIBUTION
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting, which is described in Note 1 to the District’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
Nonmonetary assistance is reported in the schedules at the fair market value of the commodities received and disbursed for the USDA Commodities Program (ALN #10.555).
Title: INDIRECT COSTS AND PASSED-THROUGH AMOUNTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting, which is described in Note 1 to the District’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The District did not pass-through any amounts to subrecipients during the year.
Title: MEDICAL ASSISTANCE
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting, which is described in Note 1 to the District’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
Expenditures presented for the Medicaid School Based Services (SBS) Benefit represent only the federal funds for the program that the District receives from the Department of Health Services (DHS). District records should be consulted to determine the total amount expended for this program.