Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: Use rates set by the MI Department of Educuation, where applicable
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Lake Mitchell Sewer Authority(the "Authority") 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 Authority, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: Use rates set by the MI Department of Educuation, where applicable
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures reported on the schedule are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For purposes of charging indirect costs to federal awards, the Authority has not elected to use the 10% de minimis cost rate. The Authority does not pass through federal funds to sub recipients.
Title: Balance of Federal Loan Program
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: Use rates set by the MI Department of Educuation, where applicable
See the Notes to the SEFA table instead
Title: Reconciliation of Revenues with Expenditures for Federal Financial Assistance Programs
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: Use rates set by the MI Department of Educuation, where applicable
See the Notes to the SEFA table instead