Notes to SEFA
Title: RISK-BASED AUDIT APPROACH
Accounting Policies: Shenandoah Valley School District (the “District”) is the reporting entity for financial reporting purposes is 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 included the grant activity of the District and is presented using the modified accrual basis of accounting, which is described in Note 1D 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 District had two Type A programs. The following Type A programs were audited as major: Education Stabilization Fund ALN 84.425 and Child Nutrition Cluster ALN 10.553/10.555/10.559/10.582. The amount expended under the program audited as a major federal program for the year ended June 30, 2024, totaled $2,511,571 or 68.1% of total federal awards expended.
Title: MEDICAL ASSISTANCE
Accounting Policies: Shenandoah Valley School District (the “District”) is the reporting entity for financial reporting purposes is 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 included the grant activity of the District and is presented using the modified accrual basis of accounting, which is described in Note 1D 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 District had loan balances outstanding of $33,414 at June 30, 2024 for the Community Facilities Direct Loan Program, Federal ALN 10.766.