Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Wakefield Community Schools District No. 560 under programs of the federal government for the year ended August 31, 2025. The schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The schedule of expenditures of federal awards is prepared on the modified cash receipts and disbursements basis. Receipts are recognized when cash is received and disbursements are recognized when cash is disbursed. Expenditures are recognized following the cost principles contained in the Uniform Guidance.
There were no subrecipients to the federal awards of Wakefield Community Schools District No. 560.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
The District did not elect to use the 10% de minimis cost rate.