Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual 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. Le Mars Community School District has not elected to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
The accompanying Schedule of Expenditures of Federal Awards included the federal award activity of Le Mars Community School
District under programs of the federal government for the year ended June 30, 2024. The information in this Schedule 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 protion
of the operations of the District, it is not intended to and does not present the financial position, changes in financial position, or cash
flows of the District.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual 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. Le Mars Community School District has not elected to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
Expenditures reported in the Schedule are reported on the accrual or modified accrual 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. Le Mars Community School District has not elected to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual 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. Le Mars Community School District has not elected to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore no indirect cost rate is needed.
The District had no federal expenditures that were paid to grant subrecipients.