Notes to SEFA
The Schedule of Expenditures of Federal Awards includes the federal award activity of Round Lake Area Schools Community Unit District No. 116 under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with requirements of the 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 portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Expenditures reported on the Schedule are reported on the 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.
The district has elected not to use the 10 percent de minimis indirect rate as allowed for all grants except Child Nutrition Cluster under the Uniform Guidance. The District has also elected not to use the 15% de minimis indirect rate as allowed for Child Nutrition Cluster under the Uniform Guidance.
The District did not provide federal awards to subrecipients during the year ended June 30, 2025.
There were no federal loans or loan guarantees outstanding at year end.
The District did not receive federally donated PPE as of June 30, 2025.