Notes to SEFA
Title: Note 1
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual or accrual basis of
accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore,
some amounts presented in this schedule may differ from amounts presented in or used in the
preparation of the basic financial statements. Revenue from federal awards is recognized when the
District has done everything necessary to establish its right to revenue. For governmental funds, revenue
from federal awards is recognized when it is both measurable and available. Expenditures of federal
awards are recognized in the accounting period when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant
activity of Pleasant Valley Community School District under programs of the federal government for the
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 Pleasant Valley Community School District, it is not
intended to and does not present the financial position, changes in net position or cash flows of Pleasant
Valley Community School District.
Title: Note 2
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual or accrual basis of
accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore,
some amounts presented in this schedule may differ from amounts presented in or used in the
preparation of the basic financial statements. Revenue from federal awards is recognized when the
District has done everything necessary to establish its right to revenue. For governmental funds, revenue
from federal awards is recognized when it is both measurable and available. Expenditures of federal
awards are recognized in the accounting period when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported on the schedule are reported on the modified accrual or accrual basis of
accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore,
some amounts presented in this schedule may differ from amounts presented in or used in the
preparation of the basic financial statements. Revenue from federal awards is recognized when the
District has done everything necessary to establish its right to revenue. For governmental funds, revenue
from federal awards is recognized when it is both measurable and available. Expenditures of federal
awards are recognized in the accounting period when the liability is incurred.
Title: Note 3
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual or accrual basis of
accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore,
some amounts presented in this schedule may differ from amounts presented in or used in the
preparation of the basic financial statements. Revenue from federal awards is recognized when the
District has done everything necessary to establish its right to revenue. For governmental funds, revenue
from federal awards is recognized when it is both measurable and available. Expenditures of federal
awards are recognized in the accounting period when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.
The District has elected not to use the 10-percent de minimus indirect cost rate allowed under the
Uniform Guidance.