Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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: Oak Park 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 (SEFA) includes the federal award activity of Oak Park 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 Oak Park School District, it is not intended to and does not present the financial position or changes in financial position of Oak Park School District.
Title: Reconciliation to Financial Statements
Accounting Policies: Expenditures reported on the SEFA 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: Oak Park School District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal sources revenue per the financial statements: $10,554,534,
Reconciling items:
Current year deferred inflows of resources: $344,287,
Prior year deferred inflows of resources: ($1,497,453),
Total expenditures of federal awards: $9,401,368
Title: Funds Transferred to Subrecipients
Accounting Policies: Expenditures reported on the SEFA 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: Oak Park School District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schools District did not transfer any federal funds to subrecipients during the fiscal year.
Title: Michigan Department of Education Disclosures
Accounting Policies: Expenditures reported on the SEFA 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: Oak Park 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 SEFA. The amounts reported on the recipient retitlement balance report agree with the SEFA for U.S.D.A. donated food commodities.
Title: Adjustments
Accounting Policies: Expenditures reported on the SEFA 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: Oak Park School District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Adjustments represent prior year amounts that have been unobligated or for which the Michigan Department of Education has applied funds to other grants based on prior year amounts overdrawn.