Notes to SEFA
Title: BASIS OF PRESENTATION:
Accounting Policies: Expenditures reported on the Schedule are reported 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. During the fiscal year ended June 30, 2024, the NYS Division of Homeland Security and Emergency Services identified $688,922 of prior year expenditures previously reported in the Schedule that were deemed disallowable and thus, the District repaid this amount to the NYS Division of Homeland Security and Emergency Services. Federal awards that are included in the Schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. Pass-through entity identifying numbers are presented where available.
Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the sources for the data presented. Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Island Park Union Free School District (the “District”) under programs of the federal government for the fiscal year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District.
Title: SUBRECIPIENTS:
Accounting Policies: Expenditures reported on the Schedule are reported 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. During the fiscal year ended June 30, 2024, the NYS Division of Homeland Security and Emergency Services identified $688,922 of prior year expenditures previously reported in the Schedule that were deemed disallowable and thus, the District repaid this amount to the NYS Division of Homeland Security and Emergency Services. Federal awards that are included in the Schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. Pass-through entity identifying numbers are presented where available.
Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the sources for the data presented. Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: OTHER DISCLOSURES:
Accounting Policies: Expenditures reported on the Schedule are reported 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. During the fiscal year ended June 30, 2024, the NYS Division of Homeland Security and Emergency Services identified $688,922 of prior year expenditures previously reported in the Schedule that were deemed disallowable and thus, the District repaid this amount to the NYS Division of Homeland Security and Emergency Services. Federal awards that are included in the Schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. Pass-through entity identifying numbers are presented where available.
Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the sources for the data presented. Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds is covered by the District’s casualty insurance policies.
There were no loans or loan guarantees outstanding at year end.