Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Pyramid Lake Junior/Senior High School under programs of the federal government for the year ended June 30, 2025. The information in this 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 the Pyramid Lake Junior/Senior High School, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Pyramid Lake Junior/Senior High School.
Expenditures reported on the Schedule are reported on the modified-accrual basis of accounting, which is described in the notes to the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The School has elected not to use the 15% de minimis indirect cost rate.