Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual 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: Newton Community School District uses a federally negotiated indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Newton Community
School District under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the
operations of Newton Community School District, it is not intended to and does not present the financial position, changes in financial
position or cash flows of Newton Community School District.
Title: Note 2. Significant Accounting Policies
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual 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: Newton Community School District uses a federally negotiated indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the Schedule are reported on the accrual or modified accrual 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 in the Schedule are reported on the accrual or modified accrual 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: Newton Community School District uses a federally negotiated indirect cost rate as allowed under the Uniform Guidance.
Newton Community School District uses a federally negotiated indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4. Noncash Assistance
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual 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: Newton Community School District uses a federally negotiated indirect cost rate as allowed under the Uniform Guidance.
The schedule includes federal awards in the form of noncash assistance (commodities) received during the year in the amount of $132,044
related to USDA Commodities grants provided by the U.S. Department of Agriculture passed through the Iowa Department of Education,
Assistance Listing Number 10.555.