Notes to SEFA
Title: USDA Programs Donated Commodities and Deferred Amounts
Accounting Policies: BASIS OF PRESENTATION-The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and certain related state grant activity of the Milton Area School District (the District). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the Districts operations, it is not intended to and does not present the Districts financial position, changes in net assets/fund balance, or cash flows. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Expenditures reported on the Schedule are reported on the 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 are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to the amounts of expenditures reported and deferred amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Beginning and end of the fiscal year USDA donated commodities deferred balances represent commodity inventories. Such commodity inventories are valued at USDA provided unit values. Other deferred amounts represent grant funds recovered from the sale of a prior-years grant-funded equipment item as sold incidental to the sale of a District elementary school building and advance funding of certain Pandemic and supply-chain mitigation grant funds expected to be used during fiscal year 2022-2023.
Title: Subrecipient Status
Accounting Policies: BASIS OF PRESENTATION-The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and certain related state grant activity of the Milton Area School District (the District). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the Districts operations, it is not intended to and does not present the Districts financial position, changes in net assets/fund balance, or cash flows. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Expenditures reported on the Schedule are reported on the 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 are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to the amounts of expenditures reported and deferred amounts.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District is a subrecipient of federal awards, does not function as a pass-through to other subrecipients, and $0 of the Districts grant awards have been passed-through.