Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Federal Expenditures are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Where in certain types of expenditures are not allowable or are limited as a reimbursement. Cash received is recorded on a cash basis. Revenues are recognized when qualifying expenditures have been incurred and all grant requirements have been met. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. Management has utilized the MDE NexSys Grant Auditors Report (GAR) in preparing the Schedule of Expenditures of Federal Awards. The amounts reported on the Recipient Entitlement Balance Report, or PAL Report, agree with this schedule for USDA donated food commodities and are reported in the Cash Receipts column. Expenditures include spoilage or pilferage.
De Minimis Rate Used: N
Rate Explanation: Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Onaway Area Community Schools under programs of the federal government for the year ended June 30, 2024. 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 Onaway Area Community Schools, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Onaway Area Community Schools.
Title: Reconciliation to the Michigan Department of Education (MDE) NexSys Grant Section Auditors Report (GAR)
Accounting Policies: Expenditures reported on the Schedule of Federal Expenditures are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Where in certain types of expenditures are not allowable or are limited as a reimbursement. Cash received is recorded on a cash basis. Revenues are recognized when qualifying expenditures have been incurred and all grant requirements have been met. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. Management has utilized the MDE NexSys Grant Auditors Report (GAR) in preparing the Schedule of Expenditures of Federal Awards. The amounts reported on the Recipient Entitlement Balance Report, or PAL Report, agree with this schedule for USDA donated food commodities and are reported in the Cash Receipts column. Expenditures include spoilage or pilferage.
De Minimis Rate Used: N
Rate Explanation: Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
Total Current Year Receipts per the MDE NexSys Grant Section Auditors Report $981,404
Addition of receipts not passed through the Michigan Department of Education and not included in the NexSys System:
Emergency Connectivity Fund Program
131685 - 2024 63,883
Food Distribution for National Lunch Program:
55030 Entitlement Commodities 22,819
55030 Bonus Commodities 870
Small, Rural, School Achievement Grant
S358A231540 2023 24,017
Addition of prior year grants recaptured by the Michigan Department of Education in the current year, through the NexSys System, not included in the current year Schedule of Expenditures of Financial Awards:
Michigan Department of Education
Title I - Part A Imp Basic Pro 221530 2122 44,631
Title II - Improving Teacher Quality 220520 2122 26,968
Title IV - Student Support & Academic Enrichment 220750 2122 11,013
Total Current Year Receipts on the Schedule of Expenditures of Federal Awards $1,175,605
Title: Reconciliation to financial statements:
Accounting Policies: Expenditures reported on the Schedule of Federal Expenditures are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Where in certain types of expenditures are not allowable or are limited as a reimbursement. Cash received is recorded on a cash basis. Revenues are recognized when qualifying expenditures have been incurred and all grant requirements have been met. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. Management has utilized the MDE NexSys Grant Auditors Report (GAR) in preparing the Schedule of Expenditures of Federal Awards. The amounts reported on the Recipient Entitlement Balance Report, or PAL Report, agree with this schedule for USDA donated food commodities and are reported in the Cash Receipts column. Expenditures include spoilage or pilferage.
De Minimis Rate Used: N
Rate Explanation: Onaway Area Community Schools did not elect to use a flat de minimis rate of 10% of modified total direct costs for their indirect cost rate.
General Fund $619,474
Special Revenue Funds:
Food Service Fund 369,759
Federal Revenue Presented in the Financial Statements 989,233
Less a prior period adjustment in accounts receivable for the year ended June 30, 2023, for previously recognized federal revenue that were then reduced, and recognized as revenue in the fiscal year ended June 30, 2024:
213712 2021 ESSER II 31,513
230523 2223 Title II Improving Teacher Quality 2,885
Plus prior year grants recaptured by the Michigan Department of Education in the current year, through the NexSys System, not included in the current year Schedule of Expenditures of Financial Awards:
Title I - Part A Imp Basic Pro 221530 2122 44,631
Title II - Improving Teacher Quality 220520 2122 26,968
Title IV - Student Support & Academic Enrichment 220750 2122 11,014
Federal Revenue on the Schedule of Expenditures of Federal Awards $1,106,244