Notes to SEFA
Title: Other Disclosures
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents theactivity of federal award programs administered by the Watervliet City School District (the District),which is described in Note 1 to the Districts accompanying financial statements using the modifiedaccrual basis of accounting. Federal awards that are included in the Schedule may be received directlyfrom federal agencies, as well as federal awards that are passed through from other governmentagencies. The information is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, andAudit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presentedin this Schedule may differ from amounts presented in, or used in the preparation of, the financialstatements.Indirect costs may be included in the reported expenditures, to the extent that they are includedin the federal financial reports used as the source for the data presented. The Districts policy is not tocharge federal award programs with indirect costs.Matching costs (the Districts share of certain program costs) are not included in the reportedexpenditures.The basis of accounting varies by federal program, consistent with the underlying regulationspertaining to each program.The amounts reported as federal expenditures were obtained from the federal financial reportsfor the applicable program and periods. The amounts reported in these reports are prepared fromrecords maintained for each program, which are reconciled with the Districts financial reportingsystem.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the Districts casualty insurance policies.There were no loans or loan guarantees outstanding at year end.
Title: Non-Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents theactivity of federal award programs administered by the Watervliet City School District (the District),which is described in Note 1 to the Districts accompanying financial statements using the modifiedaccrual basis of accounting. Federal awards that are included in the Schedule may be received directlyfrom federal agencies, as well as federal awards that are passed through from other governmentagencies. The information is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, andAudit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presentedin this Schedule may differ from amounts presented in, or used in the preparation of, the financialstatements.Indirect costs may be included in the reported expenditures, to the extent that they are includedin the federal financial reports used as the source for the data presented. The Districts policy is not tocharge federal award programs with indirect costs.Matching costs (the Districts share of certain program costs) are not included in the reportedexpenditures.The basis of accounting varies by federal program, consistent with the underlying regulationspertaining to each program.The amounts reported as federal expenditures were obtained from the federal financial reportsfor the applicable program and periods. The amounts reported in these reports are prepared fromrecords maintained for each program, which are reconciled with the Districts financial reportingsystem.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District is the recipient of a federal award program that does not result in cash receipts or disbursements. The District was granted $71,422 of commodities under the National School Lunch Program (Assistance Listing Number 10.555).