Title: Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimis cost rate.
Derry Area School District (the “District”) is the reporting entity for financial reporting purposes as defined in Note 1 to the School District’s financial statements.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
Title: Non-Monetary Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimis cost rate.
Non-monetary assistance was received from the U.S. Department of Agriculture of $91,364 in the form of commodities. These commodities are valued at USDA’s approximate costs. During the year ended June 30, 2024, the District used $105,599 in commodities and established a year-end inventory of $27,600. The amount recognized as revenue of $105,599 represents the commodities used in the basic financial statements.
Title: Source Codes
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimis cost rate.
Direct Federal Funds - D; Indirect Federal Funds - I
Title: Correction of Prior Year SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimis cost rate.
On the June 30, 2023 SEFA, receipts for Assistance Listing #97.036 (Disaster Grants – Public Assistance) was reported as $5,682. This amount was discovered to be overstated by $5,031, and should have been reported as $651.