Notes to SEFA
Title: Nonmonetary Federal Awards - Donated Food
Accounting Policies: The District uses the modified accrual method of recording transactions except as noted for the accouting of donated commodities. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Commonwealth of Pennsylvania distributes federal surplus food to institutions (schools, hospitals, and prisons) and to the needy. Expenditures reported in the schedule of expenditures of federal awards under Assistance Listing Number 10.555 includes surplus food consumed by the District during the 2022-2023 fiscal year.
Title: Build America Bonds
Accounting Policies: The District uses the modified accrual method of recording transactions except as noted for the accouting of donated commodities. Revenues are recorded when measurable and available. Expenditures are recorded when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Two of the District's bonds qualify for subsidies under the Build America Bonds program of the American Recovery and Reinvestment Act. These subsidy payments are not considered federal financial assistance. The amount of subsidy funding recognized for the year ended June 30, 2023 was $896,377.