Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reporting on the modified 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. Pass-through identifying numbers are present where available.
De Minimis Rate Used: N
Rate Explanation: Grand Ledge Public
Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of Grand Ledge Public 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
Grand Ledge Public Schools, it is not intended to and does not present the financial position or changes in net
position of Grand Ledge Public Schools.
The District qualifies for low-risk auditee status. Management has utilized the Nexsys Cash Management System
and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reporting on the modified 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. Pass-through identifying numbers are present where available.
De Minimis Rate Used: N
Rate Explanation: Grand Ledge Public
Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reporting on the modified 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. Pass-through identifying numbers are present where available. Grand Ledge Public
Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 - RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reporting on the modified 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. Pass-through identifying numbers are present where available.
De Minimis Rate Used: N
Rate Explanation: Grand Ledge Public
Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures are reported as revenue in the following funds in the financial statements:
Title: NOTE 4 - ADJUSTMENTS
Accounting Policies: Expenditures reported on the Schedule are reporting on the modified 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. Pass-through identifying numbers are present where available.
De Minimis Rate Used: N
Rate Explanation: Grand Ledge Public
Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Adjustments were made for Assistance Listing Number (ALN) 10.555 of $5,592 to correct an over accrual of an
amount passed through the Michigan Department of Education in the prior period. Adjustments were made for
ALN 84.010 of $748 and $619 for amounts passed through the Michigan Department of Education and through
Calhoun Intermediate School District, respectively, for draws made on prior year expenditures.