Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of federal expenditures are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as a reimbursement. Cash received is recorded on the cash basis. Revenues are recognized when qualifying expenditures have been incurred and all grant requirements have been met. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. Management has utilized the MDE NexSys Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards. The amounts reported on the Recipient Entitlement Balance Report, or PAL Report, agree with this schedule for USDA donated food commodities and are reported in the Cash Receipts column. Expenditures include spoilage or pilferage.
De Minimis Rate Used: N
Rate Explanation: Iosco Regional Educational Service Agency did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Iosco Regional Education Service Agency 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). Because the Schedule presents only a selected portion of the operations of Iosco Regional Education Service Agency , it is not intended to and does not present the financial position, changes in net assets, or cash flows of Iosco Regional Education Service Agency .
Title: Reconciliation to the Michigan Department of Education (MDE) NexSys Grant Section Auditors Report (GAR):
Accounting Policies: Expenditures reported on the schedule of federal expenditures are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as a reimbursement. Cash received is recorded on the cash basis. Revenues are recognized when qualifying expenditures have been incurred and all grant requirements have been met. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. Management has utilized the MDE NexSys Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards. The amounts reported on the Recipient Entitlement Balance Report, or PAL Report, agree with this schedule for USDA donated food commodities and are reported in the Cash Receipts column. Expenditures include spoilage or pilferage.
De Minimis Rate Used: N
Rate Explanation: Iosco Regional Educational Service Agency did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
Agency total current year payments per MDE NexSys GAR $2,013,486 Addition of receipts not passed through the Michigan Department of Education and not included in the NexSys System: Special Education Teacher Tuition Reimbursement 8,605 Secondary CTE Perkins 223520 41,352 Secondary CTE Perkins 233520 81,152 Small Rural School Achievement Program S358A203636 27,164 Medicaid Outreach Claims 22-23 15,323 Federal Revenue Presented in the Financial Statements 173,596 Plus payments out of NexSys in the prior year, but not received by the Agency until after June 30, 2022: School Breakfast Program 221970 282 School Breakfast Program 221971 1,842 National School Lunch Program 221960 210 National School Lunch Program 221961 4,873 7,207 Federal Revenue on the Schedule of Expenditures of Federal Awards $2,194,289
Title: Reconciliation to Financial Statements:
Accounting Policies: Expenditures reported on the schedule of federal expenditures are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as a reimbursement. Cash received is recorded on the cash basis. Revenues are recognized when qualifying expenditures have been incurred and all grant requirements have been met. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. Management has utilized the MDE NexSys Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards. The amounts reported on the Recipient Entitlement Balance Report, or PAL Report, agree with this schedule for USDA donated food commodities and are reported in the Cash Receipts column. Expenditures include spoilage or pilferage.
De Minimis Rate Used: N
Rate Explanation: Iosco Regional Educational Service Agency did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
General Fund $211,631 Vocational Education 81,152 Special Education 1,564,246 Food Service Fund 47,487 Federal Revenue Presented in the Financial Statements 1,904,516 Accounts receivable for the year ended June 30, 2022 received more than 60 days after year-end and recognized as federal revenue in fiscal year June 30, 2023 financial statements: Homeless Students' Assistance Grants 222320 (785) Federal Revenue on the Schedule of Expenditures of Federal Awards $1,903,731