Notes to SEFA
Title: Summary of Significant Accounting Policies and Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance for the year ended June 30, 2024.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Lander County School District (the 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).
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following cost principles contained in Uniform Guidance, wherein certain type of
expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance for the year ended June 30, 2024.
The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance for the year ended June 30, 2024.
Title: Federal Loans and Loan Guarantee Programs Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance for the year ended June 30, 2024.
The District had no balances of loan and loan guarantee programs outstanding as of June 30, 2024.