Notes to SEFA
Title: OTHER DISCLOSURES
Accounting Policies: 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 limited as to reimbursement.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
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 District’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Sag Harbor Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the District’s casualty insurance policies.
There were no loans or loan guarantees outstanding at year end.
Title: DISASTER GRANTS – PUBLIC ASSISTANCE
Accounting Policies: 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 limited as to reimbursement.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
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 District’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Sag Harbor Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures for the Federal Emergency Management Agency (FEMA) grants are recognized on the Schedule in the year the related project worksheet is approved by the oversight agency or the year expended, whichever is later. The $85,794 of expenditures recorded on the June 30, 2024 Schedule are related to project worksheets connected to Personal Protective Equipment and Health & Safety Supplies & Equipment for COVID-19 for the project incident period January 20, 2020 through May 11, 2023.
Title: SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: 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 limited as to reimbursement.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Pass-through numbers are presented where available.
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 District’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Sag Harbor Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule reflects only those expenditures that are subject to the requirements of the
Uniform Guidance, and thus excludes certain items reported in the District’s financial statements.
For the fiscal year ended June 30, 2024, the Districted received $25,941 in E-Rate funding, which is reported
as federal sources revenue in the governmental funds financial statements. However, E-Rate program
reimbursements are not classified as federal awards expended in accordance with the Uniform Guidance.
The following is a reconciliation of the federal revenues reported in the financial statements to federal
awards expended, as reported in the Schedule: