Notes to SEFA
Title: Note 1 - Non-Cash Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis
of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the
accounts and how they are reported on the financial statements. The District maintains its accounting
records for all funds and account groups on the modified cash basis of accounting under guidelines
prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in
the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon
the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which
arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash
transactions.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimum indirect cost
rate
Williamsville Community Unit School District No. 15 received a non-cash federal award in the amount of
$71,421 from U.S. Department of Agriculture Food Commodities Program, CFDA #10.555.
Title: Note 2 - Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis
of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the
accounts and how they are reported on the financial statements. The District maintains its accounting
records for all funds and account groups on the modified cash basis of accounting under guidelines
prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in
the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon
the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which
arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash
transactions.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimum indirect cost
rate
Of the federal expenditures presented in the schedule of expenditures of federal awards, the Williamsville
Community Unit School District No. 15 provided no federal awards to subrecipients
Title: Note 3 - Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis
of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the
accounts and how they are reported on the financial statements. The District maintains its accounting
records for all funds and account groups on the modified cash basis of accounting under guidelines
prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in
the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon
the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which
arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash
transactions.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimum indirect cost
rate
The District receives awards under various federal grant programs which must be expended according to
provisions established by the various grants. Compliance with the grant provisions are subject to audit by
the various granting agencies which may impose sanctions in the event of non-compliance. Management
believes they have complied with all aspects of the grant provisions and they feel the results of any
adjustments would have an immaterial impact on the financial statements taken as a whole.
Title: Note 4 - Insurance, Loans and Loan Guarantees Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis
of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the
accounts and how they are reported on the financial statements. The District maintains its accounting
records for all funds and account groups on the modified cash basis of accounting under guidelines
prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in
the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon
the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which
arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash
transactions.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimum indirect cost
rate
As of June 30, 2024, there was no federal insurance in effect and no loans or loan guarantees
outstanding