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, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Lincoln Park Public Schools 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 Lincoln Park 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 Lincoln Park Public Schools, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lincoln Park Public Schools.
Title: Reconciliation to the Financial Statement
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Lincoln Park Public Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal revenues reported on the financial statements reconcile with expenditures reported on the Schedule.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Lincoln Park Public Schools 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, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Lincoln Park Public Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See note 5 on the Notes to the Schedule of Expenditures of Federal Awards for chart