Title: NOTE 2. BASIS OF ACCOUNTING
Accounting Policies: NOTE 1. BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes
the federal award activity of West Point Public School District No. 1, West Point, Nebraska, under programs of the federal government for the year ended August 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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.
Title: NOTE 3. SUBRECIPIENTS
Accounting Policies: NOTE 1. BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes
the federal award activity of West Point Public School District No. 1, West Point, Nebraska, under programs of the federal government for the year ended August 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There are no subrecipients to the federal awards of West Point Public School District No. 1, West Point, Nebraska.
Title: NOTE 4. FOOD DISTRIBUTION
Accounting Policies: NOTE 1. BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes
the federal award activity of West Point Public School District No. 1, West Point, Nebraska, under programs of the federal government for the year ended August 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Nonmonetary assistance is reported in the schedule at fair market value of the commodities received and disbursed.
Title: NOTE 5. INDIRECT COST RATE
Accounting Policies: NOTE 1. BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes
the federal award activity of West Point Public School District No. 1, West Point, Nebraska, under programs of the federal government for the year ended August 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District did not elect to use the 10% de minimis cost rate.