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: Flint Cultural Center Academy 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 Flint Cultural Center Academy 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 Flint Cultural Center Academy, it is not intended to and does not present the financial position, and changes in net position of Flint Cultural Center Academy.
Title: Reconciliation to the 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: Flint Cultural Center Academy has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See note 3 on Notes to the Schedule of Expenditures of Federal Awards for chart
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: Flint Cultural Center Academy has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Academy did not transfer any federal funds to subrecipients during the fiscal year.
Title: Michigan Department of Education Diclosures
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: Flint Cultural Center Academy has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal amount reported on the CMS Grant Auditor Report (GAR) is in agreement with the SEFA. The amounts reported on the Recipient Entitlement Balance Report (PAL Report) agree with the SEFA for USDA donated food commodities.