Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Organization's federal awards and does not present transactions that would be included in financial statements of the Organization presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. The amounts reported on the R7120, Grants Section Auditors' Report, reconcile with this schedule. 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. Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total directcosts for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) inclues the federal award activity of Onaway Area Community Schools under programs of the federal government for the year ended June 30, 2022. 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 Onaway Area Community Schools, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Onaway Area Community Schools.
Title: Reconciliation to Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Organization's federal awards and does not present transactions that would be included in financial statements of the Organization presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. The amounts reported on the R7120, Grants Section Auditors' Report, reconcile with this schedule. 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. Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total directcosts for their indirect cost rate.
General Fund $981,993 Special Revenue Funds: Food Service Fund 461,463 Federal Revenue Presented in the Financial Statements 1,443,456 Accounts receivable for the year ended June 30, 2022 received more than 60 days after year-end and to be recognized as federal revenue in fiscal year June 30, 2023 financial statements:213722 2021 ESSER II Summer Programming K-8 18,700 213752 2021 ESSER II Before & After School Program 25,000 Federal Revenue on the Schedule of Expenditures of Federal Awards $1,487,156