Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of Walnut Township Local School District (the Districts) under programs of the federalgovernment for the year ended June 30, 2022. The information on this Schedule is prepared in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe Schedule presents only a selected portion of the operations of the District, it is not intended to and doesnot present the financial position or changes in net assets of the District.NOTE B SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures arerecognized following the cost principles contained in Uniform Guidance wherein certain types ofexpenditures may or may not be allowable or may be limited as to reimbursement.NOTE C INDIRECT COST RATEThe District has elected not to use the 10-percent de minimis indirect cost rate as allowed under theUniform Guidance.NOTE D CHILD NUTRITION CLUSTERThe District commingles cash receipts from the U.S. Department of Agriculture with similar State grants.When reporting expenditures on this Schedule, the District assumes it expends federal monies first.NOTE E FOOD DONATION PROGRAMThe District reports commodities consumed on the Schedule at the fair value. The District allocateddonated food commodities to the respective program that benefitted from the use of those donated foodcommodities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.