Notes to SEFA
Title: NOTE 3: 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 auditee did not use the de minimis cost rate.
Non-monetary assistance was received from the U.S. Department of Agriculture of $105,249 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 District used $107,168 in commodities and established a year-end inventory of $32,128. The amount recognized as revenue of $107,168 represents the commodities used, versus the commodities received, which are recognized as revenue in the basic financial statements.