Notes to SEFA
Title: Commodities Valuation
Accounting Policies: Information provided in the Schedule of Expenditures of Federal Awards (SEFA) is presented on a basis consistent with that of the financial statements. For amounts recorded in the General Fund, expenditures are recognized in the accounting period in which the fund liability is incurred. Revenues are recognized in the period in which they become both measurable and available, which for federal funds, is when the related expenditure is incurred. Transactions in the Proprietary Fund are accounted for on the accrual basis of accounting in which expenditures are recognized in the accounting period in which the fund liability is incurred. Revenues are recognized in the period in which they are earned and become measurable, which, for federal funds is also when the related liability is incurred. Expenditures of School Lunch and Breakfast Program reimbursements identified in the financial statements are not specifically identified by program year. Therefore, all amounts received are assumed to have been expended in the year of receipt.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Commodities are priced at values as listed on the price list provided by the U.S. Department of Agriculture. Deferred amounts at the beginning and end of the year are equal to the amount of inventory on hand at the corresponding year end. During the year ended June 30, 2022, the District reported on the SEFA, $62,439 of donated commodities received.