Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Michigan School of Psychology has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Michigan School of Psychology under programs of the federal government for the year ended August 31, 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). Because the Schedule presents only a selected portion of the operations of Michigan School of Psychology, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Michigan School of Psychology.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Michigan School of Psychology has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following either the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Michigan School of Psychology has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenues reconcile to amounts recorded in the Statement of Activities as follows:
Federal expenditures per the Schedule of Expenditures of Federal Awards: $7,727,826; Less federal direct student loans disbursed to students: ($2,026,831); Tuition and fees per the Statement of Activities: $5,700,995.
The Education Stabilization Funds totaling $60,600 on the Schedule are included in the grants of $63,126 on the Statement of Activities.