Notes to SEFA
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the UnadillaValley Central School District, under programs of the federal government for the year ended June 30, 2022. The information inthis Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or usedin the preparation of, the basic financial statements.De Minimis Indirect Cost RateThe School District has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.Food DonationNonmonetary assistance is reported in the schedule at fair market value of the food commodities received. At June 30, 2022, theSchool District had food commodities totaling $10,236 in inventory.Donated Personal Protective Equipment (Unaudited)During the emergency period of COVID-19, federal agencies and recipients of federal assistance funds donated personalprotective equipment (PPE) to non-federal entities. In connection with that donation, the recipient must disclose the estimatedvalue of donated PPE, but such amounts are not included in the Schedule of Expenditures of Federal Awards. The SchoolDistrict did not receive any donated PPE during the reporting year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.