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. 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: Croswell-Lexington Community Schools 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 Croswell-Lexington Community 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 the Title 2 U.S. Code of Federal Regulations Part 200, Uniform administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Croswell-Lexington Community Schools, it is not intended to and does not present the financial position or changes in net position of Croswell-Lexington Community Schools.
The District qualifies for low-risk auditee status. Management has utilized NexSys, Cash Management System and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards. The District does not pass through federal funds.
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. 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: Croswell-Lexington Community Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are not 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. Croswell-Lexington Community Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Reconciliation with Audited 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, 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: Croswell-Lexington Community Schools has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table