Notes to SEFA
Title: RISK-BASED AUDIT APPROACH
Accounting Policies: Lewisburg Area School District (the “District”) is the reporting entity for financial reporting purposes as defined in Note 1A to the District’s basic financial statements. For purposes of preparing the schedules of expenditures of federal awards, the District’s reporting entity is the same that was used for financial reporting. The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the District and is presented using the accrual basis of accounting, which is described in Note 1C to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not use the 10% de minimis indirect cost rate.
The 2024 threshold for determining Type A and Type B programs is $750,000. The School District had no Type A programs. The following Type B program audited as major for coverage: ALN 10.553/10.555 Child Nutrition Cluster. The amount expended under the program audited as a major federal program for the year ended June 30, 2024, totaled $582,156 or 43.5% of total federal awards expended.
Title: MEDICAL ASSISTANCE
Accounting Policies: Lewisburg Area School District (the “District”) is the reporting entity for financial reporting purposes as defined in Note 1A to the District’s basic financial statements. For purposes of preparing the schedules of expenditures of federal awards, the District’s reporting entity is the same that was used for financial reporting. The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the District and is presented using the accrual basis of accounting, which is described in Note 1C to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not use the 10% de minimis indirect cost rate.
Access reimbursement received under AL #93.778, Revenue Code 8810 are classified as fee-for-service revenues and are not recognized as federal awards for the purpose of the Schedule of Expenditures of Federal Awards.