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 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: The School District 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 Oxford Community Schools (the School District) 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 the School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School District.
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 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: The School District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenues reported on the financial statements reconcile to the expenditures reported on the Schedule as follows:
Total expenditures reported on the Schedule of Federal Awards $ 7,223,244
Add - Federal Child Care Relief Funds not reported on SEFA 1,052,328
Add - Federal interest revenue 820,410
Federal revenue reported on the financial statements $ 9,095,982
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: The School District 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: Michigan Department of Education Disclosures
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: The School District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has reported the expenditures in the SEFA equal to those amounts reported in the annual or final cost reports that have been submittedfor that particular grant year. The federal amounts reported on the CMS Grant Auditor Report (GAR) Subrecipient Schedule and the Oakland Intermediate School District Grant Report are in agreement with the SEFA, except for the following differences which were due to timing of payments received by the School District: See Notes to the SEFA for chart/table. The amounts reported on the Recipient Entitlement Report (PAL Report) agree with the SEFA for USDA donated food commodities.