Notes to SEFA
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. The District did not use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Sharon City School District (the "School District") is the reporting entity for financial reporting purposes as defined in Note 1 to the School District's financial statements.
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. The District did not use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-monetary assistance was received from the U.S. Department of Agriculture in the amount of $155,711 in the form of commodities. These commodities are valued at U.S.D.A.s approximate costs. During the year ended June 30, 2022, the School District used $50,881 in commodities and established a year-end inventory of $4,174. The amount recognized as revenue of $48,820 represents the commodities used versus the commodities received, which are recognized as revenue in the basic financial statements.