Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis ofaccounting. The amounts reported as federal expenditures were obtained from the federalfinancial reports for the applicable program and periods. The amounts reported in these reportsare prepared from records maintained for each program, which are reconciled with the Districtsfinancial reporting system.The federal expenditures are recognized under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Cohoes City School District did not elect to use the 10% de minimus cost rate.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 isto charge federal award programs with indirect costs based on a rate established by New YorkState.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents theactivity of federal award programs administered by the Cohoes City School District (District),which is described in Note 1 to the Districts accompanying financial statements, using themodified accrual basis of accounting. Therefore, some amounts presented in this schedule maydiffer from amounts presented in, or used in the preparation of, the Districts financial statements.Federal awards that are included in the Schedule may be received directly from federalagencies, as well as federal awards that are passed through from other government agencies.The information presented in the Schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). This Schedule onlypresents a selected portion of the operations of the District.
Title: Scope of Audit
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis ofaccounting. The amounts reported as federal expenditures were obtained from the federalfinancial reports for the applicable program and periods. The amounts reported in these reportsare prepared from records maintained for each program, which are reconciled with the Districtsfinancial reporting system.The federal expenditures are recognized under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Cohoes City School District did not elect to use the 10% de minimus cost rate.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 isto charge federal award programs with indirect costs based on a rate established by New YorkState.
The Cohoes City School District is an independent municipal corporation. All federal grant operations of the District are included in the scope of the single audit.
Title: Non-Cash Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis ofaccounting. The amounts reported as federal expenditures were obtained from the federalfinancial reports for the applicable program and periods. The amounts reported in these reportsare prepared from records maintained for each program, which are reconciled with the Districtsfinancial reporting system.The federal expenditures are recognized under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Cohoes City School District did not elect to use the 10% de minimus cost rate.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 isto charge federal award programs with indirect costs based on a rate established by New YorkState.
Nonmonetary assistance is reported in the Schedule at the fair market value of the commoditiesreceived and disbursed. For the year ended June 30, 2022, the District received foodcommodities totaling $79,356.