Title: REPORTING ENTITY
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Derry Area School District (the “District”) is the reporting entity for financial reporting purposes as defined in Note 1 to the School District’s financial statements.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
Title: NON-MONETARY ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Non-monetary assistance was received from the U.S. Department of Agriculture of $91,364 in the form of commodities. These commodities are valued at USDA’s approximate costs. During the year ended June 30, 2023, the District used $118,418 in commodities and established a year-end inventory of $16,629. The amount recognized as revenue of $118,418 represents the commodities used in the basic financial
Title: Source Codes
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Source codes are as follows: Direct Federal Funds, D; Indirect Federal Funds, I
Title: Child Nutrition Cluster
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The total Child Nutrition Cluster expenditures were $1,228,439. Pleae see the notes on the uploaded audited report for the full contents of this note.