Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the modified 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: Flushing Community 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 (SEFA) includes the federal award activity of Flushing Community Schools under programs of the federal government for the year ended June 30, 2024. The information in the SEFA 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 SEFA presents only a selected portion of the operations of Flushing Community Schools, it is not intended to and does not present the financial position or changes in financial position of Flushing Community Schools.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the SEFA are reported on the modified 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: Flushing Community Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal revenues reported in the June 30, 2024 financial statements are in agreement with the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: Expenditures reported on the SEFA are reported on the modified 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: Flushing Community Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School District did not transfer any federal funds to subrecipients during the fiscal year.
Title: Michigan Department of Education Disclosures
Accounting Policies: Expenditures reported on the SEFA are reported on the modified 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: Flushing Community Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See note 5 of the Notes to the Schedule of Expenditures of Federal Awards for chart.
Title: Adjustments
Accounting Policies: Expenditures reported on the SEFA are reported on the modified 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: Flushing Community Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Adjustments on the SEFA were due to rounding.