Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
Expenditures are recognized following cost principles contained in the Uniform Guidance.
The School District has elected not to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (Schedule) includes the
federal award activity of the Moon Area School District (School District) under programs
of the federal government for the year ended June 30, 2023. 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). Because the Schedule
presents only a selected portion of the operations of the School District, it is not intended
to and does not present the financial position, changes in net position, or cash flows of
the School District.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
Expenditures are recognized following cost principles contained in the Uniform Guidance.
The School District has elected not to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the de minimis cost rate
The accompanying Schedule is presented using the accrual basis of accounting.
Expenditures are recognized following cost principles contained in the Uniform Guidance.
The School District has elected not to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Title: NON-MONETARY ASSISSTANCE
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
Expenditures are recognized following cost principles contained in the Uniform Guidance.
The School District has elected not to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the de minimis cost rate
Non-monetary assistance was received from the U.S. Department of Agriculture in the
amount of $70,683 in the form of commodities. These commodities are valued at
U.S.D.A.’s approximate costs. During the year ended June 30, 2023, the School District
used $66,703 in commodities and established a year-end inventory of $6,479. The
amount recognized as revenue of $66,703 represents the commodities used versus the
commodities received, which are recognized as revenue in the basic financial statements