Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported 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 entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Holt
Public Schools has elected not to 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 Holt 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 Holt
Public Schools, it is not intended to and does not present the financial position or changes in net position of Holt
Public Schools.
The District qualifies for low-risk auditee status. Management has utilized the Cash Management System,
NexSys, and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported 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 entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Holt
Public Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Expenditures reported on the Schedule are reported 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 entity identifying numbers are presented where available. Holt
Public Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported 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 entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Holt
Public Schools has elected not to 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 June 30, 2024:
General fund $ 3,262,920
Other nonmajor governmental funds 2 ,535,310
Total federal revenue in the fund financial statements 5 ,798,230
Less
Federal expenditures reported in the prior periods
but paid back during the current year 31,985
Expenditures per schedule of expenditures of federal awards $ 5,830,215
Title: ADJUSTMENTS
Accounting Policies: Expenditures reported on the Schedule are reported 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 entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Holt
Public Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Adjustments were made for Assistance Listing Numbers #84.010 ($9,262), #84.424 ($1,900), and #84.425D
($20,823) for federal expenditures reported in prior periods but paid back to the Michigan Department of
Education during the current year.