Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis indirect rate allowed.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of Federal award programs administered by the District, which is described in Note 1 to the District’s accompanying financial statements, using the modified accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the District financial statements. Federal awards that are included in the Schedule may be received directly from Federal agencies, as well as Federal awards that are passed through from other government agencies. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance).
Title: SUMMARY OF CERTAIN SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis indirect rate allowed.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as Federal expenditures were obtained from the Federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. The Federal expenditures are recognized under the Uniform Guidance.
Title: INDIRECT COST RATE
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis indirect rate allowed.
Indirect costs may be included in the reported expenditures to the extent they are included in the Federal financial reports used as the source for the data presented. The District’s policy is not to charge Federal award programs with indirect costs, or to charge indirect costs to certain federal award programs, based upon a rate established by New York State, and the District has elected not to use the 10% de minimis indirect rate allowed under the Uniform Guidance applied to overall expenditures.
Title: NON-CASH ASSISTANE
Accounting Policies: MODIFIED ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis indirect rate allowed.
The Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2023, the District received food commodities totaling $11,570.