Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The District does not use the 10% de minimis cost rate introduced by the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the West Valley Central School District under programs of the federal government for the year ended June 30, 2023. 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 the Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the West Valley Central School District, it is not intended to and does not present the financial position, changes in net position or cash flows of the West Valley Central School District. the following notes were identified on the Schedule: A) Includes all federal award programs of the West Valley Central School District. B) Source: Federal Assistance Listing Numbers, previously known as catalog of Federal Domestic Assistance. C) Pass-through entity identifying numbers are presented where available. D) Prepared under accounting principles generally accepted in the United States of America and includes all federal programs. E) Total federal expenditures for the District's 2023-2024 fiscal year are reconciled to Federal sources as reported in the basic financial statements as follows: Balance per schedule of expenditures of federal awards is $1,198,131 and Medicaid Reimbursement is $36,745 for a total $1,234,876.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The District does not use the 10% de minimis cost rate introduced by the Uniform Guidance.
Expenditures reported on the Schedule are presented on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note C - Indirect Costs
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The District does not use the 10% de minimis cost rate introduced by the Uniform Guidance.
The District does not use the 10% de minimum indirect cost rate introduced by the Uniform Guidance.
Title: Note D - Non-Monetary Federal Program
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The District does not use the 10% de minimis cost rate introduced by the Uniform Guidance.
The West Valley Central School District is the recipient of a federal award program that does not result in cash receipts or disbursements termed a "non-monetary program." During the year ended June 30, 2024, the West Valley Central School District used $7,939 worth of commodities.