Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Summary of Significant 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: Thornapple Kellogg School District 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 grant
activity of Thornapple Kellogg 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 (CFR) 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 Thornapple Kellogg School District, it is not intended to and does not present the net position
or changes in net position of Thornapple Kellogg School District.
Management has utilized Nexsys, Cash Management System (CMS) and the Grant Auditor Report in preparing
the Schedule of Expenditures of Federal Awards. The District does not pass-through federal funds.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Summary of Significant 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: Thornapple Kellogg School District has elected to not use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
Summary of Significant 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. Thornapple Kellogg School District has elected to not use the 10-
percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: RECONCILING WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Summary of Significant 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: Thornapple Kellogg School District 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:
General fund $ 2 ,384,708
Other nonmajor governmental funds 1,153,529
Expenditures per schedule of expenditures of federal awards $ 3 ,538,237