Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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, where certain
types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Lamphere Schools (the School District) 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 the School District, it is not intended to and does not present the financial position, changes in financial positions of the School District.
Title: Subrecipients
Accounting Policies: 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, where certain
types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: Michigan Department of Education Disclosures
Accounting Policies: 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, where certain
types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The federal amounts reported on the grant auditor report are in agreement with the schedule of expenditures of federal awards. The amounts reported on the recipient entitlement balance report agree with the schedule of expenditures of federal awards for U.S.D.A. donated food commodities.
Title: Reconciliation to Financial Statements
Accounting Policies: 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, where certain
types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
See note 5 on Notes to the Schedule of Expenditures of Federal Awards for chart