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: Ingham Intermediate 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 award
activity of Ingham Intermediate 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 Ingham Intermediate School District, it is not intended to and does not present the financial
position or changes in net position of Ingham Intermediate School District.
Management has utilized the NexSys Cash Management System (CMS) and the Grant Auditor Report in preparing
the Schedule of Expenditures of Federal Awards.
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: Ingham Intermediate 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. Ingham Intermediate 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: Ingham Intermediate 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:
Total grants revenue
General fund $ 30,080,723
Special education fund 17,161,486
Career and technical education fund 580,161
Total grants 47,822,370
Less non-federal grants
Local (1,495,771)
State (25,172,047)
Total federal grants 21,154,552
Federal revenue per financial statements 512,156
Less Federal QSCB Interest credit ( 25,657)
Total federal expenditures $ 21,641,051
Subrecipients - Of the federal expenditures presented in the schedule of expenditures of federal awards, Ingham
Intermediate School District provided federal awards to subrecipients reported in the schedule of pass-through
amounts.