Notes to SEFA
Accounting Policies: Note 1 Basis of Accounting The Schedule of Expenditures of Federal Awards is prepared on the cash basis of accounting. Most federal grants received by the School District are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above, expenditure balances for these grants represent the disbursement of funds received during the course of the year. This treatment results in timing differences, which are resolved over the term of the grant period. Note 2 Reporting Entity The School District, for purposes of the Schedule of Expenditures of Federal Awards, includes all funds for which the School District is financially accountable. Note 3 Pass-Through Awards The School District receives certain federal awards in the form of pass-through awards from the State of Nebraska and other various agencies. Such amounts received as pass-through awards are specifically identified on the Schedule of Expenditures of Federal Awards. Note 4 Non-Cash Awards The National School Nutrition Program involves both cash and non-cash awards to the School District. Such non-cash awards consist of donated commodities which are separately identified in the Schedule of Expenditures of Federal Awards. Note 5 Contingencies The School District receives funds under various federal grant programs and such assistance is to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of noncompliance. Management believes that they have complied with all aspects of the various grant provisions and the results of adjustments, if any, relating to such audits would not have a material financial impact. Note 6 Indirect Costs The School District did not elect to use the 10% de minimus cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.