Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of LaGrange School District 102 (District) and is presented on the modified cash basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Noncash Assistance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate.
Noncash assistance expended by the District amounted to $46,737 for commodities passed through the Illinois State Board of Education.
Title: Other Information
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis cost rate.
There was no insurance coverage in effect paid with federal funds during the fiscal year. There were no loans/loan guarantees outstanding at June 30, 2022. The District had no federal grants requiring matching expenditures during the year ended June 30, 2022.