Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards is presented using the modified accrual basis of accounting in accordance with accounting principles prescribed by the Pennsylvania Department of Education, which conform to generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific School District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at fiscal year end is recorded as a liability or receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.