Notes to SEFA
Title: RECONCILIATION OF REVENUE ON FINANCIAL STATEMENTS TO EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of Vassar Public Schools (the "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 the District, it is not intended to and does not present the financial
position, changes in net position or cash flows of the District.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is
described in Note 1 to the District's financial statements. Such expenditures are recognized following the
cost principles contained in the Uniform Guidance or other applicable guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule, if any, 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.
Cash received is recorded on the cash basis; expenditures are recorded on the modified accrual basis of
accounting. Revenues are recognized when the qualifying expenditures have been incurred and all grant
requirements have been met.
The Schedule has been arranged to provide information on both actual cash received and the revenue
recognized. Accordingly, the effects of accruals of accounts receivable, unearned revenue and accounts
payable items at both the beginning and end of the fiscal year have been reported.
Expenditures are in agreement with amounts reported in the financial statements and the financial
reports. The amounts on the Grant Auditor Reports reconcile with this Schedule. The amounts reported on
the Recipient Entitlement Balance (PAL) Report agree with this schedule for USDA donated food
commodities. Spoilage and pilferage are included in expenditure amounts reported.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the District has not elected to use the de minimis
cost rate as permitted by §200.414 of the Uniform Guidance.
Federal revenue reported on the Statement of Revenues,
Expenditures and Changes in Fund Balances $ 3,830,109
Recaptured funds related to prior year disallowed costs 29,349
Total expenditures of federal awards $ 3,859,458
Title: PASS-THROUGH AGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of Vassar Public Schools (the "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 the District, it is not intended to and does not present the financial
position, changes in net position or cash flows of the District.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is
described in Note 1 to the District's financial statements. Such expenditures are recognized following the
cost principles contained in the Uniform Guidance or other applicable guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the
Schedule, if any, 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.
Cash received is recorded on the cash basis; expenditures are recorded on the modified accrual basis of
accounting. Revenues are recognized when the qualifying expenditures have been incurred and all grant
requirements have been met.
The Schedule has been arranged to provide information on both actual cash received and the revenue
recognized. Accordingly, the effects of accruals of accounts receivable, unearned revenue and accounts
payable items at both the beginning and end of the fiscal year have been reported.
Expenditures are in agreement with amounts reported in the financial statements and the financial
reports. The amounts on the Grant Auditor Reports reconcile with this Schedule. The amounts reported on
the Recipient Entitlement Balance (PAL) Report agree with this schedule for USDA donated food
commodities. Spoilage and pilferage are included in expenditure amounts reported.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the District has not elected to use the de minimis
cost rate as permitted by §200.414 of the Uniform Guidance.
The District receives certain federal grants as subawards from non-federal entities. Pass-through entities,
where applicable, have been identified in the Schedule with an abbreviation, defined as follows: Pass-through
Agency
Abbreviation Pass-through Agency Name
CISD Calhoun Intermediate School District
MARESA Marquette-Alger Regional Educational Services Agency
MDE Michigan Department of Education
TISD Tuscola Intermediate School District