Notes to SEFA
Title: Nonmonetary Assistance
Accounting Policies: This schedule was prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City and School Division did not elect to use the 10% de minimis indirect cost rate.
Nonmonetary assistance is reported in the Schedule of Expenditures of Federal Awards at the fair market value of the food commodities disbursed. As of June 30,
2023, the City of Salem School Division (School Division) had food commodities in inventory of $58,821.
Title: Outstanding Loan Balances
Accounting Policies: This schedule was prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City and School Division did not elect to use the 10% de minimis indirect cost rate.
At June 30, 2023, the City and School Division had no outstanding loan balances requiring continuing disclosure