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.
Non-cash assistance is reported in the Schedule at the fair market value of commodities used, which are amounts provided by New York State under the National School Lunch Program.
De Minimis Rate Used: N
Rate Explanation: Hampton Bays Union Free School District has not elected 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: SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS RECONCILIATION
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.
Non-cash assistance is reported in the Schedule at the fair market value of commodities used, which are amounts provided by New York State under the National School Lunch Program.
De Minimis Rate Used: N
Rate Explanation: Hampton Bays Union Free School District has not elected 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 District reported $56,286 in surplus food commodities received
from the federal government as federal sources revenue in its governmental funds financial statements.
However, in accordance with the Uniform Guidance, the value of surplus food commodities used during the
fiscal year is required to be reported as federal awards expended. Therefore, an adjustment of $4,391 was
reflected, resulting in a total of $60,677 reported as non-cash assistance (food distribution) for surplus food
commodities used in the National School Lunch Program, ALN: 10.555.
The following is a reconciliation of the federal revenues reported in the financial statements to federal
awards expended, as reported in the Schedule: