Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of LaGrange School District 102 (the “District”) for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the 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 assets, or cash flows of the District.
Title: Note 3—Sub-recipients
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The District provided no federal awards to sub-recipients during the year ended June 30, 2024.
Title: Note 4—Nonmonetary assistance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Noncash assistance expended by the District amounted to $35,748 for commodities passed through the Illinois State Board of Education for the year ended June 30, 2024.
Title: Note 5—Insurance and loans or loan guarantees
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the District received no loans, loan guarantees, or other federal assistance for the purpose of administering federal programs