Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Serena Community Unit School District No. 2 (the District)under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2U.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 netposition of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the schedule of expenditures of federal awards are reported on the cash 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
Title: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Serena Community Unit School District No. 2 (the District)under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2U.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 netposition of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-Cash assistance is reported in the schedule of federal awards at the fair market value of the nonmonetary assistance received and disbursed as follows. The District received nonmonetary assistance under Assistance Listing number 10.555 as noted in the accompanying schedule of expenditures of federal awards.
Title: Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Serena Community Unit School District No. 2 (the District)under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2U.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 netposition of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No federal funds were used to purchase insurance coverage during the fiscal year ended June 30, 2022. there were no loans or loan guarantees outstanding as of June 30, 2022. The district had no federal grants which required matching federal expenditures.