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 District’s casualty insurance policies. There were no loans or loan guarantees outstanding at year end.
Expenditures for the Federal Emergency Management Agency (FEMA) grants are recognized on the Schedule in the year the related project worksheet is approved by the oversight entity or the year expended, whichever is later. The expenditures recorded on the June 30, 2025 SEFA for ALN 97.036, are related to project worksheets related to damage sustained in October 2012, as a result of Superstorm Sandy. Through June 30, 2025, reimbursable expenditures to date total $30,618,420.
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. For the fiscal year ended June 30, 2025, the District reported $94,796 in surplus food commodities received from the federal government as federal sources revenue in its governmental funds financial statements. However, in accordance with the Uniform Guidance, the value of surplus food commodities used during the fiscal year is required to be reported as federal awards expended. Therefore, an adjustment of $7,913 was reflected, resulting in a total of $102,709 reported as non-cash assistance (food distribution) for surplus food commodities used in the National School Lunch Program, ALN: 10.555. For the fiscal year ended June 30, 2025, the District reported $1,293,533 in reimbursements received from the federal government as federal sources in its governmental funds financial statements for award 4085- DR-NY. The related expenditures incurred as a result of the recovery from Superstorm Sandy were reported on the Schedule under ALN 97.036 in the year in which they occurred. Therefore, an adjustment of $1,085,275 was reflected, resulting in total expenditures of $208,258. Additionally, for the year ended June 30, 2025, a difference of $4,200 existed between federal sources revenues reported in the governmental funds financial statements and the Schedule resulting from adjustments made during the closeout process of the Supporting Effective Instruction State Grants. The following is a reconciliation of the federal revenues reported in the financial statements to the federal awards expended, as reported in the Schedule: