Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Garden City Union Free School District (the “District”), an entity as defined in Note 1 to the District’s financial statements. The information in this Schedule is presented in accordance with the requirement 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 operations of the District, it is not intended to and does not present the financial position and changes in net position of the District.
Expenditures reported on the Schedule are reported on the modified 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Matching costs (the District’s share of certain program costs) are not included in the reported expenditures. Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
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 District’s casualty insurance policies. There were no loans or loan guarantees outstanding at year end.
The District was deemed to be a “low-risk auditee”, therefore, major programs were determined based on 20% of total federal award expenditures.