Notes to SEFA
Title: Notes to the Schedule of Expenditures of Federal Awards
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Michigan Barber School, Inc. 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 Michigan Barber School, Inc. it is not intended to and does not present the financial position, changes in net position, or cash flows of Michigan Barber School, Inc.
Title: Notes to the Schedule of Expenditures of Federal Awards
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate
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, wherein certain types of expenditures are not allowable or are limited as a reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate
The auditee did not use de minimis cost rate