Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Districts financial reporting system.The federal expenditures are recognized under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Mechanicville City School District did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Districts policy is not to charge federal award programs with indirect costs.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of federal award programs administered by the Mechanicville City School District (District), which is described in Note 1 to the Districts accompanying financial statements, using the modified accrual basis of accounting. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the District financial statements. Federal awards that are included in the Schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies.The information presented in the 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). This Schedule only presents a selected portion of the operations of the District.
Title: Scope of Audit
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Districts financial reporting system.The federal expenditures are recognized under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Mechanicville City School District did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Districts policy is not to charge federal award programs with indirect costs.
The Mechanicville City School District is an independent municipal corporation. All federal grant operations of the District are included in the scope of the single audit.
Title: Non-Cash Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Districts financial reporting system.The federal expenditures are recognized under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Mechanicville City School District did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The Districts policy is not to charge federal award programs with indirect costs.
Nonmonetary assistance is reported in the Schedule at the fair value of the commodities received and disbursed. For the year ended June 30, 2022, the District received food commodities totaling $22,389.