Notes to SEFA
Title: NOTE A- BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the District’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the school food services fund as an inventory asset and federal revenue when received totaling $69,555 for the year ended June 30, 2023. Donated food commodity inventories are recorded as expenditures in the school food services fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Beaver County School District (the District) under programs of the federal government for the year ended June 30, 2023. The information in the 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 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 financial position, or cash flows of the District.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the District’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the school food services fund as an inventory asset and federal revenue when received totaling $69,555 for the year ended June 30, 2023. Donated food commodity inventories are recorded as expenditures in the school food services fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the District’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the school food services fund as an inventory asset and federal revenue when received totaling $69,555 for the year ended June 30, 2023. Donated food commodity inventories are recorded as expenditures in the school food services fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
Title: NOTE C - RELATIONSHIP TO DISTRICT'S FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the District’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the school food services fund as an inventory asset and federal revenue when received totaling $69,555 for the year ended June 30, 2023. Donated food commodity inventories are recorded as expenditures in the school food services fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District received an interest rate subsidy on its bonds from the U.S. Department of Treasury. The interest rate subsidy is not classified as federal financial assistance. A reconciliation of federal revenue as reported on the District’s basic financial statements and the schedule of expenditures of federal awards for the year ended June 30, 2023 is detailed in the table.
Title: NOTE D - SUBRECIPIENTS OF FEDERAL AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the District’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the school food services fund as an inventory asset and federal revenue when received totaling $69,555 for the year ended June 30, 2023. Donated food commodity inventories are recorded as expenditures in the school food services fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District did not provide federal award funding to any subrecipients during the year ended June 30, 2023.