Notes to SEFA
Title: NOTE 3 - FOOD COMMODITIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes thefederal award activity of the Sharpsville Area School District under programs of thefederal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Sharpsville Area School District, it is not intended to anddoes not present the net position, activities, or cash flow of Sharpsville Area SchoolDistrict. Expenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-Cash assistance is reported in the Schedule at the fair market value of thecommodities when received and distributed. At June 30, 2022, the District had $ 6,098 offood commodity inventory.
Title: NOTE 4 - SUBRECIPIENT FUNDING
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes thefederal award activity of the Sharpsville Area School District under programs of thefederal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Sharpsville Area School District, it is not intended to anddoes not present the net position, activities, or cash flow of Sharpsville Area SchoolDistrict. Expenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no funds passed through to subrecipients from any of the federal programs.