Notes to SEFA
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 East Hampton Union Free School District’s casualty insurance policies. There were no loans or loan guarantees outstanding at year end.
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. During the fiscal year, the District received $40,000During the fiscal year, the District received $40,000 in E-Rate funding and $28,903 in Medicaid funding, which are classified as federal revenues in the financial statements. However, in accordance with the Uniform Guidance, the E-Rate funding is not considered an expenditure for Schedule reporting purposes. In addition, the District reported $97,235 in surplus food commodities received from the federal government as federal revenues and expenditures in its audited financial statements, which is also prepared on a modified accrual basis. However, in accordance with the Uniform Guidance, only the value of surplus food commodities used during the fiscal year is required to be reported as an expenditure on the Schedule. Therefore, an adjustment of $2 was reflected, resulting in a total of $97,237 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 amounts reported in the financial statements to those reported in the Schedule: in E-Rate funding, which is classified as federal revenue in the financial statements. However, in accordance with the Uniform Guidance, the E-Rate funding is not considered an expenditure for SEFA reporting purposes. In addition, the District reported $76,222 in surplus food commodities received from the federal government as federal revenue and expenditure in its audited financial statements, also prepared on a modified accrual basis. However, in accordance with the Uniform Guidance, only the value of surplus food commodities used during the fiscal year is required to be reported as expenditures on the SEFA. Therefore, an adjustment of $1,007 was made, resulting in a total of $75,215 reported as non-cash distributions for surplus food commodities used in the National School Lunch Program (CFDA 10.555) on the SEFA. The following is a reconciliation of the amounts reported in the financial statements to those reported in the SEFA: