Notes to SEFA
Title: NOTE 2 VALUE OF USDA DONATED COMMODITIES INVENTORY
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of the Chestnut Ridge School District and is prepared under the accrual 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 general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 3: The auditee did not use the de minimis cost rate.
Inventories are accounted for under the first-in, first-out method. Purchased commodities are valued at fair value. Donated commodities are based on USDA valuations.
Title: NOTE 4AMOUNTS PASSED TO SUBRECIPIENTS
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of the Chestnut Ridge School District and is prepared under the accrual 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 general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 3: The auditee did not use the de minimis cost rate.
Chestnut Ridge School District did not provide federal awards to subrecipients during the year ended June 30, 2022.