Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting, which isthe same basis used in preparing the basic financial statements of the District. There were no federalawards expended for insurance at year-end. Such expenditures are recognized following the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable orare limited as to reimbursement. There were no loan programs or loan guarantees or amounts passedthrough to subrecipients for the year ended June 30, 2022. For the year ended June 30, 2022, the Districtreceived $43,809 of noncash assistance in the form of food commodities that is included under theDepartment of Agriculture passed through the Illinois State Board of Education (CFDA #10.555).
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Flossmoor School District 161 (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 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position or fund balance of the District.