Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards is presented using the modified accrual basis of accounting in accordance with accounting principles prescribed by the Pennsylvania Department of Education, which conform to generally accepted governmental accounting principles. Expenditures are recognized in the accounting period in which liabilities are incurred, if measurable. Revenues designated for payment of specific School District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at fiscal year end are recorded as liabilities or receivables, respectively.
De Minimis Rate Used: N
Rate Explanation: The School District has not elected to use the 10% de minimis indirect cost rate for its federal programs.