Notes to SEFA
Title: Food Distribution
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Public Schools of Calumet, Laurium & Keweenaw’s federal award programs and presents transactions that are included in the financial statements of the District presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Public Schools of Calumet, Laurium & Keweenaw has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Non-monetary assistance is reported in the schedule using Recipient Entitlement Balance Report and other district records. Spoilage of pilferage, if any, is included in expenditures.
Title: Cost Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Public Schools of Calumet, Laurium & Keweenaw’s federal award programs and presents transactions that are included in the financial statements of the District presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Public Schools of Calumet, Laurium & Keweenaw has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has reported the expenditures in the Schedule of Expenditures of Federal Awards equal to those amounts reported in the annual or final cost reports.
Title: Reconciliation of Revenuews with Expenditures for Federal Award Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Public Schools of Calumet, Laurium & Keweenaw’s federal award programs and presents transactions that are included in the financial statements of the District presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Public Schools of Calumet, Laurium & Keweenaw has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The District is required to disclose any reconciling differences between revenues and the Expenditures of Federal Awards per GASB 33 – Accounting and Financial Reporting for Nonexchange Transactions. Below is the reconciliation of the Expenditures for Federal Award programs and the financial statements as report. The reason for the differences pertains to the District receiving the federal awards outside of the 60 day revenue recognition window.