Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant
activity of Unionville-Sebewaing Area 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 Unionville-Sebewaing Area Schools, it is not
intended to and does not present the financial position or changes in net position of Unionville-Sebewaing
Area Schools.
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.
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 Unionville-Sebewaing Area 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 Unionville-Sebewaing Area Schools, it is not
intended to and does not present the financial position or changes in net position of Unionville-Sebewaing
Area Schools.
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.
The School District does not have any subrecipients.
Title: OTHER DISCLOSURES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant
activity of Unionville-Sebewaing Area 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 Unionville-Sebewaing Area Schools, it is not
intended to and does not present the financial position or changes in net position of Unionville-Sebewaing
Area Schools.
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.
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 the NexSys, Cash Management System and the Grant Auditor Report in
preparing the Schedule of Expenditures of Federal Awards.
Title: 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 Unionville-Sebewaing Area 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 Unionville-Sebewaing Area Schools, it is not
intended to and does not present the financial position or changes in net position of Unionville-Sebewaing
Area Schools.
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.
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 exepnditures per schedole of expenditures of federal awards - $1,439,618. Add: E-Rate - $5,067. Revenues per financial statements - federal sources - $1,444,685. See the Notes to the SEFA for chart/table. On page 74 of the PDF of the financial statements