Notes to SEFA
Title: NOTE 1. BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Sidney SchoolDistrict No. 1 (School District) under programs of the federal government for the fiscal year ended June 30, 2022. The informationin this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part200, 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 School District, it is not intended to and does notpresent the financial position, changes in net position or cash flows of the School District.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The School District elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Sidney SchoolDistrict No. 1 (School District) under programs of the federal government for the fiscal year ended June 30, 2022. The informationin this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part200, 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 School District, it is not intended to and does notpresent the financial position, changes in net position or cash flows of the School District.
Title: NOTE 4. FOOTNOTES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Sidney SchoolDistrict No. 1 (School District) under programs of the federal government for the fiscal year ended June 30, 2022. The informationin this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part200, 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 School District, it is not intended to and does notpresent the financial position, changes in net position or cash flows of the School District.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. The School District elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Fn1 No separate funds or accounts maintained; the School District assumes first in first out for program money.Fn2 The value of commodities (revenues, expenses or inventory) are not displayed in the basic financial statements.N/A Not applicable/available.