Notes to SEFA
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the Unadilla
Valley Central School District, under programs of the federal government for the year ended June 30, 2023. The information in
this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used
in the preparation of, the basic financial statements.
De Minimis Indirect Cost Rate
The School District has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Food Donation
Nonmonetary assistance is reported in the schedule at fair market value of the food commodities received. At June 30, 2022, the
School 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 personal
protective equipment (PPE) to non-federal entities. In connection with that donation, the recipient must disclose the estimated
value of donated PPE, but such amounts are not included in the Schedule of Expenditures of Federal Awards. The School
District did not receive any donated PPE during the reporting year.
De Minimis Rate Used: N
Rate Explanation: De Minimis Indirect Cost Rate
The School District has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.