Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award of activity of West Point Public School District No. 1, West Point, Nebraska, under programs of the federal government for the year ended August 31, 2025. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of West Point Public School District No. 1, West Point, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of West Point Public School District No. 1, West Point, Nebraska.
The accompanying schedule of expenditures of federal awards is prepared on the basis of modified cash receipts and disbursements. Accordingly, receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
There are no subrecipients to the federal awards of West Point Public School District No. 1, West Point, Nebraska.
Non-monetary assistance is reported in the schedule at fair market value of the commodities received and disbursed.
West Point Public School District No. 1, West Point, Nebraska did not elect to use the 10% de minimis indirect cost rate allowed when computing the amounts in the schedule of expenditures of federal awards.