Notes to SEFA
Title: REPORTING ENTITY
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 AUDITEE DID NOT USE THE DE MINIMIS COST RATE
The Penn-Trafford School District (the "District") is the reporting entity for financial reporting
purposes is defined in Note 1 to the District's financial statements.
Title: BASIS OF ACCOUNTING
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 AUDITEE DID NOT USE THE 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 District, are in conformity with U.S. generally
accepted accounting principles. The District did not use the 10% de minimis indirect cost rate.
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 AUDITEE DID 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 AUDITEE DID NOT USE THE DE MINIMIS COST RATE
Non-monetary assistance was received from the U.S. Department of Agriculture in the amount of
$161,903 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 $146,802 in commodities
and established a year-end inventory of $19,410. The amount recognized as revenue of
$146,802 represents the commodities used versus the commodities received, which are
recognized as revenue in the basic financial statements.