Notes to SEFA
Title: COMMODITIES
Accounting Policies: NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES:The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE 3 INDIRECT COSTS:The District did not charge any indirect costs to any of the federal grants and programs during this fiscal year. Consequently, the District did not use the 10% de-minimis cost rate.
NOTE 2 - COMMODITIES:The beginning and ending deferred income figures listed represent the beginning and ending commodities inventories in the Cafeteria Fund. These commodities are received through the State from the U.S. Department of Agriculture. The commodities are valued at amounts assigned to the various items by the U.S. Department of Agriculture when the commodities are offered.