Notes to SEFA
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE 1 AND 2
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE 10% INDIRECT COST RATE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Gladwin County District Library under programs of the federal government for the year ended December 31, 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 Gladwin County District Library, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Gladwin County District Library.
Title: #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: SEE NOTE 1 AND 2
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE 10% INDIRECT 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 to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
Title: #3 LOANS OUTSTANDING
Accounting Policies: SEE NOTE 1 AND 2
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE 10% INDIRECT COST RATE
SEE REPORT
Title: #4 RECONCILIATION OF SEFA TO F.S.
Accounting Policies: SEE NOTE 1 AND 2
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE 10% INDIRECT COST RATE
SEE REPORT
Title: #5 DEMINIMUS INDIRECT COST RATE
Accounting Policies: SEE NOTE 1 AND 2
De Minimis Rate Used: N
Rate Explanation: DID NOT ELECT TO USE 10% INDIRECT COST RATE
The Library did not elect to use the 10% de minimis indirect cost rate.