Notes to SEFA
Title: Note B – Basis of Accounting
Accounting Policies: Note A – Summary of Significant Accounting Policies
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Michigan College Access Network (A Nonprofit Organization) under programs of the federal government for the year ended September 30, 2023. The information in the 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 College Access Network (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Michigan College Access Network (A Nonprofit Organization).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Michigan College Access Network (A Nonprofit Organization) has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note C – Major Programs
Accounting Policies: Note A – Summary of Significant Accounting Policies
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Michigan College Access Network (A Nonprofit Organization) under programs of the federal government for the year ended September 30, 2023. The information in the 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 College Access Network (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Michigan College Access Network (A Nonprofit Organization).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.