Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such as expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures ae not allowable or are limited as to the reimbursement. Negative amounts show on the Schedule of represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Owen J. Roberts 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 the Owen J. Roberts School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of Owen J. Roberts School District.
Title: Note B - Summary of Significant Accounting Principles
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such as expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures ae not allowable or are limited as to the reimbursement. Negative amounts show on the Schedule of represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not used the de minimis cost rate.
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 the reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
Title: Note C - Nonmonetary Federal Awards - Donated Food
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such as expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures ae not allowable or are limited as to the reimbursement. Negative amounts show on the Schedule of represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not used the de minimis cost rate.
The Commonwealth distributes federal surplus food to institutions (schools, hospitals and prisons) and to the needy. Expenditures reported in the schedule of expenditures of federal and certain state awards under AL #10.555, Value of U.S.D.A. Donated Commodities, represent federal surplus food consumed by the District during the 2023-2024 fiscal year.
Title: Note D - Indirect Cost Rates
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such as expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures ae not allowable or are limited as to the reimbursement. Negative amounts show on the Schedule of represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not used the de minimis cost rate.
The School District has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.