Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Palisades School District under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of the 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 Palisades School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Palisades School District.
The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting for all federal awards charged to governmental funds and on the accrual basis of accounting for all federal awards charged to proprietary funds, as contemplated by accounting principles, generally accepted in the United States of America.
The District recognized 1.4% of its total general fund revenue in federal awards, and 37.4% of its total enterprise fund revenue.
The District did not charge any indirect costs to any of their federal grants and programs during this fiscal year. As such, the District did not use the 10% de minimis cost rate.
(1.) The federal awards passed through the Bucks County Intermediate Unit, under the U.S. Department of Education heading, is part of a consortium of participating school districts. In accordance with directions from the Commonwealth of Pennsylvania, these awards are reported on the basic financial statements as local source revenue. (2.) The Federal Grants were passed through the following entities in the totals below: "SEE THE NOTES TO THE SEFA FOR CHART/TABLE". (3.) The District received non-monetary assistance from the U.S. Department of Agriculture of $23,830, in the form of commodities. These commodities are valued at U.S.D.A.’s approximate costs. During the 2024-25 fiscal year, the District used $38,518 in commodities and established a year-end inventory of $1,416 at June 30, 2025. (4.) The expenditures reported for the Disaster- Grants Public Assistance grant were incurred in the 2020-21 fiscal year but identified and reported in the 2024-25 fiscal year. "SEE THE NOTES TO THE SEFA FOR CHART/TABLE".