Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Lower Loup Natural Resource District (“the District”) 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 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 or changes in net assets of the District. The Department is governed by a Board of Directors consisting of two members from eight districts, one member from two districts, and one at large member. The District’s purpose is to sustain and enhance the environments within their jurisdiction.
Expenditures reported on the Schedule based on federal receipts 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, i.e. presents those that have been reimbursed during the year. The District has elected not to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.