Notes to SEFA
Title: Basis of Presentation
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Fenton Area Public 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 (the Schedule) includes the federal award activity of Fenton Area Public Schools 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 Fenton Area Public Schools, it
is not intended to and does not present the financial position or changes in financial position of Fenton Area Public Schools.
Title: Reconciliation to the Financial Statements
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Fenton Area Public Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal revenues per the financial statements are in agreement with the SEFA except for the following, which is related to proportionate share
for the Special Education Cluster:
Expenditures per the schedule of expenditures of federal awards $ 3,180,738
Other revenue not reported on the schedule of expenditures of federal awards 24,318
Federal revenues per the financial statements $ 3,205,056
Title: Michigan Department of Education Disclosures
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Fenton Area Public Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has reported the expenditures in the SEFA equal to those amounts reported in the annual or final cost reports that have been submitted
for that particular grant year.
The federal amounts reported on the CMS Grant Auditor Report (GAR) and the Genesee Intermediate School District Subrecipient Schedule are 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.
Title: Adjustments
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Fenton Area Public Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
All adjustments on the SEFA were for the deobligation of funds.
Title: Subrecipients
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Fenton Area Public Schools has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.