Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the Schools basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Donated food commodities are recorded at acquisition value in the Schools food services fund as an inventory asset and federal revenue when received totaling $26,770 for the year ended June 30, 2022. Donated food commodity inventories are recorded as expenditures in the food services fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.