Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Manistique 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 (the Schedule) includes the federal award activity of the City of Manistique 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 City of Manistique, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Manistique.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Manistique has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures per the schedule of expenditures of federal awards $ 2,087,653
Due from other governments not received within 60 days
WWTP Improvements (161,600)
Federal revenue classified as a capital contribution on the financial
statements (1,078,600)
Water Utility and Wastewater Utility Funds grant that has debt and
therefore no revenue (601,000)
Timing difference between expenditure of funds and issuance of new debt
for Water Utility and Wastewater Utility Funds grant that has debt and
therefore no revenue (241,577)
Federal revenue per the financial statements $ 4,876
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in the Uniform Guidance, OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Manistique has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.