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, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Menominee County Intermediate School District under the 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 of expenditures of federal awards
presents only a selected portion of the operations of Menominee County Intermediate School District, it is not
intended to and does not present the financial position or changes in financial position of the Menominee County
Intermediate School District.
Title: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: N/A
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.
Menominee County Intermediate School District has not elected to use the 10 percent de minimis indirect cost
rate as allowable under the Uniform Guidance.
Title: Grant Reconciliation
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.
De Minimis Rate Used: N
Rate Explanation: N/A
The amounts reported on the Cash Management System (CMS), Grant Section Auditors Report (GAR), agree
with the schedule of expenditures of federal awards.
Title: Expenditures Reports
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.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures identified in the schedule of expenditures of federal awards are supported by source documentation
and are in agreement with financial reports submitted to the Michigan Department of Education, except for those
grants where the grant period differs from the District’s fiscal year.
Title: Oversight Agencies
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.
De Minimis Rate Used: N
Rate Explanation: N/A
The District’s federal agency oversight agency is the U.S. Department of Education. The District’s state cognizant
agency is the Michigan Department of Education.