Notes to SEFA
Accounting Policies: Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of Herscher Community Unit School District #2 and is presented on the regulatory
(modified cash) basis of accounting. The information in this schedule is presented in accordance
with the requirements of the Uniform Guidance. Some amounts presented in this schedule
differed from amounts presented in, or used in the preparation of, the basic financial statements.
Reconciliation of Schedule of Expenditures of Federal Awards to Basic Financial Statements
Revenues per Schedule of Expenditures of Federal Awards $ 11,750,346
Add - Medicaid Fees-For-Services Program 45,979
Add - Revenues per Basic Financial Statements Included on
Prior-Year Schedule of Expenditures of Federal Awards 143,694
Less - Revenues per Schedule of Expenditures of Federal
Awards Received After Year-End ( 306,707)
Less - Values of Commodities ( 45,469)
Total Federal Revenues per Basic Financial Statements $ 11,587,843
Subrecipients, Insurance, and Loans
Of the federal expenditures presented in the schedule, the District did not provide any federal
awards to subrecipients. The District did not have any federal insurance in effect during the year
and did not have any federal loans or loan guarantees outstanding at year end.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance §
200.414 Indirect Facilities and Administration Costs.