Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
award activity of the Gladwin County District Library under programs of the federal government for the
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
year ended December 31, 2024. The information in this Schedule is presented in accordance with the
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
Because the Schedule presents only a selected portion of the operations of the Gladwin County District
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
Library, it is not intended to and does not present the financial position, changes in net position, or cash
Title: NOTE #1 BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
flows of the Gladwin County District Library.
Title: NOTE #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
Title: NOTE #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
Title: NOTE #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
Title: NOTE #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
Title: NOTE #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
as expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance,
Title: NOTE #2 SUMMARY OF SIGNIFICANT ACCTG POLICIES
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
includes USDA loan balances for community facilities loans with continuing compliance requirements.
Title: NOTE #3 LOANS OUTSTANDING
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
SEE THE NOTES TO THE SEFA FOR CHART/TABLE INSTEAD
Title: NOTE #4 RECONCILIATION OF SEFA TO FIN. STATEMENTS
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
SEE THE NOTES TO THE SEFA FOR CHART/TABLE INSTEAD
Title: NOTE #5 DE MINIMUS INDIRECT COST RATE
Accounting Policies: EXPENDITURES REPORTED IN THE SEFA ARE REPORTED ON ACCRUAL BASIS. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UG, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS, IF ANY, SHOWN ON THE SEFA REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. THE CURREENT YEAR EXPENDITURES, IN ACCORDANCE WITH UG, INCLUDES USDA LOAN BALANCES FOR COMMUNITY FACILITIES LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS.
De Minimis Rate Used: Y
Rate Explanation: DID NOT ELECT TO USE A INDIRECT DE MINIMIS COST RATE
The Library did not elect to use the 10% de minimis indirect cost rate.