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: Churchill County School District has elected not to use the 10 percent 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 the Churchill County 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 Churchill County School District, it is not intended to and does not present the financial
position or changes in financial position of Churchill County School District.
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.
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: Churchill County School District has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance for the year ended June 30, 2024.
Churchill County School District has elected not to use the 10 percent 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: Churchill County School District has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance for the year ended June 30, 2024.
Churchill County School District had no balances of loan and loan guarantee programs outstanding as of June
30, 2024.
Title: Food Donation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Churchill County School District has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance for the year ended June 30, 2024.
Nonmonetary assistance is reported in this schedule at the fair market value of commodities received and
disbursed.