Notes to SEFA
Title: Reconciliation to Basic Financial Statements
Accounting Policies: Information provided in the Schedule of Expenditures of Federal Awards (SEFA) is presented on a basis consistent with that of the basic financial statements. For amounts recorded in the general fund, expenditures are recognized in the accounting period in which the fund liability is incurred. Revenues are recognized in the period in which they become both measurable and available which, for federal funds, is when the related expenditure is incurred.
De Minimis Rate Used: N
Rate Explanation: The Intermediate Unit did not elect to use the de minimis 10% indirect cost rate.
Federal Revenue Recognized per Schedule of Expenditures of Federal Awards $17,964,761; Add: Medical Assistance-ACCESS 3,348,546; Add: Emergency Assistance to Nonpublic School (EANS) 2,397,078. Federal Revenue Recognized in Basic Financial Statements $23,710,385.
Title: Identification of Major Federal Award Programs
Accounting Policies: Information provided in the Schedule of Expenditures of Federal Awards (SEFA) is presented on a basis consistent with that of the basic financial statements. For amounts recorded in the general fund, expenditures are recognized in the accounting period in which the fund liability is incurred. Revenues are recognized in the period in which they become both measurable and available which, for federal funds, is when the related expenditure is incurred.
De Minimis Rate Used: N
Rate Explanation: The Intermediate Unit did not elect to use the de minimis 10% indirect cost rate.
An extensive compliance test, as required by the Uniform Guidance, was performed on the Special Education Cluster (Special Education - Grants to States; Special Education - Preschool Grants), which represents 89% of the total expenditures reflected on the Schedule of Expenditures of Federal Awards. The Special Education Cluster (Special Education-Grants to States; Special Education-Preschool Grants) exceeds $3,592,952 and, therefore, respresents the program which the specific compliance requirements must be applied.
Title: Emergency Assistance to Nonpublic School (EANS) Program
Accounting Policies: Information provided in the Schedule of Expenditures of Federal Awards (SEFA) is presented on a basis consistent with that of the basic financial statements. For amounts recorded in the general fund, expenditures are recognized in the accounting period in which the fund liability is incurred. Revenues are recognized in the period in which they become both measurable and available which, for federal funds, is when the related expenditure is incurred.
De Minimis Rate Used: N
Rate Explanation: The Intermediate Unit did not elect to use the de minimis 10% indirect cost rate.
The Intermediate Unit was instructed not to include EANS funding on the Schedule of Expenditures of Federal Awards. These reimbursements are classified as federal money in the Intermediate Unit's account code structure. Expendiutres totaling $2,397,078 were recognized in the current year and received $1,935,811. The Intermediate Unit had $581,153 of deferred revenue for the EANS program as of June 30, 2023. As a result, as of June 30, 2024, the Intermediate Unit had deferred revenue of $119,886 for the EANS funds.