Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Theamounts reported as federal expenditures were obtained from the federal financial reports for theapplicable program and periods. The amounts reported in these reports are prepared from recordsmaintained for each program, which are reconciled with the Districts financial reporting system.The federal expenditures are recognized under the cost principles contained in the Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed or limited toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ravena-Coeymans-Selkirk Central School District did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in thefederal financial reports used as the source for the data presented. The Districts policy is not to chargefederal award programs with indirect costs.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity offederal award programs administered by the District, which is described in Note 1 to the Districtsaccompanying financial statements, using the modified accrual basis of accounting. Therefore, someamounts presented in this Schedule may differ from amounts presented in, or used in preparation of, theDistrict financial statements. Federal awards that are included in the Schedule may be received directlyfrom federal agencies, as well as federal awards that are passed through from other governmentagencies.The information presented in the Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform
Title: Scope of Audit
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Theamounts reported as federal expenditures were obtained from the federal financial reports for theapplicable program and periods. The amounts reported in these reports are prepared from recordsmaintained for each program, which are reconciled with the Districts financial reporting system.The federal expenditures are recognized under the cost principles contained in the Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed or limited toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ravena-Coeymans-Selkirk Central School District did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in thefederal financial reports used as the source for the data presented. The Districts policy is not to chargefederal award programs with indirect costs.
The Ravena-Coeymans-Selkirk Central School District is an independent municipal corporation. All federalgrant operations of the District are included in the scope of the single audit.
Title: Non-Cash Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Theamounts reported as federal expenditures were obtained from the federal financial reports for theapplicable program and periods. The amounts reported in these reports are prepared from recordsmaintained for each program, which are reconciled with the Districts financial reporting system.The federal expenditures are recognized under the cost principles contained in the Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowed or limited toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ravena-Coeymans-Selkirk Central School District did not elect to use the 10% de minimus cost rate.Indirect costs may be included in the reported expenditures, to the extent that they are included in thefederal financial reports used as the source for the data presented. The Districts policy is not to chargefederal award programs with indirect costs.
Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities receivedand disbursed. For the year ended June 30, 2022, the District received food commodities totaling$61,770.