Notes to SEFA
Title: Note 3: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Lake Forest Community High School District 115 and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, Lake Forest Community High School District 115 provided no federal awards to subrecipients.
Title: Note 4: Non-Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Lake Forest Community High School District 115 and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No amounts were expended in the form of non-cash assistance by Lake Forest Community High School District 115.
Title: Note 5: Other Information
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Lake Forest Community High School District 115 and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Lake Forest Community High School District 115 did not have any insurance coverage in effect that was paid with Federal funds during the fiscal year. Lake Forest Community High School District 115 had no loans/loan guarantees outstanding at June 30, 2022. Lake Forest Community High School District 115 had no Federal grants requiring matching expenditures.