Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the cash basis of accounting in accordance with the accounting procedures and reporting requirements permitted by the Nebraska Commissioner of Education, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. 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 passed funds through to subrecipients and those are recorded on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the District under programs of the federal government for the year ended August 31, 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 or changes in net position or fund balance of the District.
Title: Food Donation
Accounting Policies: Expenditures reported in the schedule are reported on the cash basis of accounting in accordance with the accounting procedures and reporting requirements permitted by the Nebraska Commissioner of Education, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. 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 passed funds through to subrecipients and those are recorded on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
Nonmonetary assistance is reported in this schedule at the fair market value of commodities received and disbursed. At August 31, 2024 the District had food commodities totaling $2,640,387 in inventory.