Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Bay-Arenac ISD 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 Bay-Arenac ISD, it is not intended to and does not present the financial position or changes in net position of Bay-Arenac ISD.
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 credit made in the normal course of business to amounts reported as expenditures.
The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Bay-Arenac ISD 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 Bay-Arenac ISD, it is not intended to and does not present the financial position or changes in net position of Bay-Arenac ISD.
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 credit made in the normal course of business to amounts reported as expenditures.
The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
Title: NOTE 2 - OTHER DISCLOSURES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Bay-Arenac ISD 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 Bay-Arenac ISD, it is not intended to and does not present the financial position or changes in net position of Bay-Arenac ISD.
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 credit made in the normal course of business to amounts reported as expenditures.
The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
Management has utilized NexSys and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards.
Title: NOTE 3 - RECONCILIATION OF REVENUE REPORTED IN THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Bay-Arenac ISD 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 Bay-Arenac ISD, it is not intended to and does not present the financial position or changes in net position of Bay-Arenac ISD.
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 credit made in the normal course of business to amounts reported as expenditures.
The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
Total federal expenditures per Schedule of Expenditures of Federal Awards
$6,565,807
Add:
Prior year amounts received after 60 days - GSRP Trails Grant
267,858
Prior year amounts received after 60 days - ARP Flowthrough
163,038
Prior year amounts received after 60 days - Title 1
50,000
Prior year amounts received after 60 days - Trusted Advisors
9,206
HIL Grant
88,103
Less:
0
0
0
Revenues per financial statements - federal sources
$7,144,012
Title: NOTE 4 - ADJUSTMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Bay-Arenac ISD 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 Bay-Arenac ISD, it is not intended to and does not present the financial position or changes in net position of Bay-Arenac ISD.
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 credit made in the normal course of business to amounts reported as expenditures.
The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance
Adjustments were made during the year to accrued (deferred) revenue on the 2022-2023 SEFA for ALN #93.323 for SEFA discrepancies per MDE. The amount submitted on the 2022-2023 SEFA was $57,620 in deferred revenue while it should have been $117,896 in accrued revenue. This caused a difference in the July 1, 2023 accrued (deferred) revenue amount on the 2023-2024 SEFA.