Notes to SEFA
Title: U.S. Department of Agriculture
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of Twin Valley Community Local School District (the Districts) under programs of the federalgovernment for the fiscal year ended June 30, 2023. The information on this Schedule is prepared inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the District, it isnot intended to and does not present the financial position or changes in net position of the District. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
Non-monetary assistance, such as food received from the U.S. Department of Agriculture, is
reported in the Schedule at the fair value of the commodities received and consumed. Cash
receipts from the U.S. Department of Agriculture are commingled with State grants. It is assumed
federal monies are expended first. At June 30, 2023 the District had no significant food
commodities in inventory.
Title: Matching Requirements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of Twin Valley Community Local School District (the Districts) under programs of the federalgovernment for the fiscal year ended June 30, 2023. The information on this Schedule is prepared inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the District, it isnot intended to and does not present the financial position or changes in net position of the District. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the UniformGuidance.
Certain federal programs require the District to contribute non-federal funds (matching funds) to
support federally-funded programs. The District has complied with the matching requirements. The
expenditure of non-federal (matching) funds is not included on the Schedule.