Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule)
includes the Federal award activity of the Lynwood Unified School District (the “District”) under programs
of the federal government for the year ended June 30, 2024. The information 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 the District, it is not intended to and does
not present the financial position, changes in net position/fund balance of the District.
Expenditures reported in the schedule are reported on
the modified accrual basis of accounting, except for subrecipient expenditures, which are recorded on the
cash basis. When applicable, 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.
The District has not elected to use the ten percent de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.