Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior
years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of ISD #2754 Cedar Mountain (the District) under programs of the
federal government for the year ended June 30, 2024. The reporting entity is defined in
Note 1 to the District’s financial statements. All federal financial assistance received directly
from federal agencies as well as federal financial assistance pass through other government
agencies is included on the schedule. The information in this Schedule 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). Because
the Schedule presents only a selected portion of the operations of the District, it is not
intended to and does not present the financial position or changes in net position of the
District.