Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Midland Borough School District (District) and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of 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, changes in fund balance or cash flows of the District. The Schedule of Expenditures of Federal Awards is based upon information provided by the various funding sources to the District and other information available at the time the Schedule was prepared.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.