Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES ARE REPORTED ON MODIFIED CASH BASIS OF ACCOUNTING. THE EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPALS 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 AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of School District Number 13, Walthill, Nebraska (the ‘District”) under programs of the federal government for the year ended August 31, 2023. 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 schedule presents 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 assets, or cash flows of the District.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES ARE REPORTED ON MODIFIED CASH BASIS OF ACCOUNTING. THE EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPALS 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 AUDITEE DID NOT USE THE DE MINIMIS COST RATE
Expenditures reported on the schedule 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.
Title: INDIRECT COST RATE
Accounting Policies: EXPENDITURES ARE REPORTED ON MODIFIED CASH BASIS OF ACCOUNTING. THE EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPALS 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 AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance as part of their federal expenditures during the year ended August 31, 2023
Title: AMOUNTS PROVIDED TO SUBRECIPIENTS
Accounting Policies: EXPENDITURES ARE REPORTED ON MODIFIED CASH BASIS OF ACCOUNTING. THE EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPALS 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 AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The District did not provide any amounts to Subrecipients during the year ended August 31, 2023