Notes to SEFA
Title: Reporting Entity
Accounting Policies: Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the 10% de minimis cost rate.
GATEWAY SCHOOL DISTRICT (the School 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: Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the 10% de minimis cost rate.
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. The District did not use the 10% de minimis indirect cost rate.
Title: Non-Monetary Assistance
Accounting Policies: Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the 10% de minimis cost rate.
Non-monetary assistance was received from the U.S. Department of Agriculture of $280,341 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 District used $263,482 in commodities and established a year-end inventory of $57,410. The amount recognized as revenue of $263,482 represents the commodities used, versus the commodities received.
Title: Source Codes
Accounting Policies: Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the 10% de minimis cost rate.
D - Direct Federal funds, I - Indirect Federal funds