Notes to SEFA
Accounting Policies: 1. This schedule includes the federal grant activity of Reading Community Schools and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and reconciles with the amounts presented in the financial statements. 2. Management has utilized the Grants Section Auditors Report (Form R7120) and CMS Grant Auditor Report (GAR) in preparing this schedule.3. The amounts reported on the Recipient Entitlement Balance Report agree with this schedule for USDA donated food commodities.4. The Child Nutrition Cluster (AFN #10,553, 10.555, 10.559 and 10.649) and the Education Stabilization Fund (ALN #84.425) were audited as major programs, representing 41.1% and 39.2%, respectively, of total Federal expenditures.5. Reading Community Schools has elected not to use the 10% 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.