Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the Districts 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 (totaling $1,020,777 for the year ended June 30, 2022) in the Nutrition Services Fund as an inventory asset and federal revenue when received. Donated food commodity inventories are recorded as expenditures when they are transferred to schools for consumption.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.