Notes to SEFA
Title: RECONCILIATION OF REVENUE REPORTED IN THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant
activity of Pere Marquette District Library 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 (CFR) 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 Pere Marquette
District Library, it is not intended to and does not present the financial position or changes in net
position of Pere Marquette District Library.
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 credit made in the normal course of
business to amounts reported as expenditures.
The Pere Marquette District Library has elected not to use the 10 percent de minimus indirect cost
rate to recover costs as allowed under the Uniform Guidance.
The Pere Marquette District Library does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Pere Marquette District Library has elected not to use the 10 percent de minimus indirect cost
rate to recover costs as allowed under the Uniform Guidance.
Total federal expenditures per Schedule of Expenditures of Federal Awards $ 1,029,000
Less: USDA Loans not recorded in revenue 1,029,000
Revenues per financial statements - federal sources $ 0