Notes to SEFA
Accounting Policies: The schedule of Expenditures of Federal Awards includes the federal grant activity of Coal City Community School District No.1 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and audit requirements of Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the Basic Financial Statements.
Under the modified cash basis of accounting, revenues are recognized and recorded int he accounts when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash.
De Minimis Rate Used: N
Rate Explanation: Coal City Community Unit School District No. 1 did not elect to use the 10% de minimis cost rate