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 as federal revenue when received and totaled $25,245 for the year ended June 30, 2022. For purposes of the Schedule, donated food commodities are also recorded as expended when received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.