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: Waterford School District 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 Waterford 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 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 Waterford School District, it is not intended to and does not present the financial position, changes in financial
positions, and where applicable, cash flows of Waterford School District.
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: Waterford School District 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 schedule of expenditures of federal
awards as follows:
Expenditures per the schedule of expenditures of federal awards $ 15,861,408
Adjustment (21,045)
Funds not received within 60 days of June 30, 2023 3,802,391
Funds not received within 60 days of June 30, 2024 (477,963)
Federal revenues per the financial statements $ 19,164,791
Adjustments to the schedule of expenditures of federal awards of $4,911 and $16,134 were made for grant
230520 Supporting Effective Instruction State Grants (AL #84.367) and to grant 230750 Student Support and
Academic Enrichment (AL #84.424A), respectively, for receipts that were unspent and taken back by the
Michigan Department of Education.
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: Waterford School District 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.
Title: Michigan Department of Education Disclosure
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: Waterford School District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal amounts reported on the grant auditor report are in agreement with the schedule of expenditures of
federal awards.
The amounts reported on the recipient entitlement balance report agree with the schedule of expenditures of
federal awards for U.S.D.A. donated food commodities.