Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grantactivity of Sherrard Community Unit School District #200 under programs of the federal government forthe year ended June 30, 2022. The information in this schedule is presented in accordance with therequirements 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 schedulepresents only a selected portion of the operations of Sherrard Community Unit School District #200, it isnot intended to and does not present the financial position, changes in net position or cash flows ofSherrard Community Unit School District #200.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the cash basis of accounting which is a basis ofaccounting other than accounting principles generally accepted in the United States of America.Accordingly, revenue is recognized and recorded in the account when cash is received. In the samemanner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis ofaccounting does not give effect to accounts receivable, accounts payable and accrued items.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 auditee did not use the de minimis cost rate.