Title: *
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Designates Major Federal Financial Assistance
Title: Note 1
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Management has reported the expenditures in the Schedule of Expenditures of Federal Awards equal to those amounts reported in the final cost reports (DS-4044's)
Title: Note 2
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Management has utilized the Michigan Department of Education's (MDE) Cash Management System (CMS) and Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards.
Title: Note 3: Significant Accounting Policies Used
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
Title: Note 4
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Management has elected not to record ending inventory
Title: Note 5
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
The District does not elect to use the 10% de minimis indirect cost rate. The District uses the indirect cost rates determined and approved by the Michigan Department of Education
Title: Note 6
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Funds were received during the prior fiscal year but were not spent until the June 30, 2024 fiscal year
Title: Note 7
Accounting Policies: Revenues and Expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60-days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's financial statements for further discussion of the accounting policies used.
De Minimis Rate Used: N
Rate Explanation: The District uses the indirect cost rates determined and approved by the Michigan Department of Education.
Adjustment was reallocated $232,083 between programs due to error on prior year SEFA