Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Revenues and expenditures in the Schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District's 2022 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the District in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year's ending balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards for the Forest Park School District is presented in accordance with the retirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule of expenditures of federal awards includes all federal awards of the District. 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.
Title: FOOD DISTRIBUTION
Accounting Policies: Revenues and expenditures in the Schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District's 2022 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the District in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year's ending balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Nonmonetary assistance is reported in the schedule of expenditures of federal awards at the fair market value of the commodities received and disbursed.
Title: OVERSIGHT AGENCIES
Accounting Policies: Revenues and expenditures in the Schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District's 2022 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the District in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year's ending balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal oversight agencies for the District are as follows: Federal - U.S. Department of Education.
Title: PASS THROUGH ENTITIES
Accounting Policies: Revenues and expenditures in the Schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the District's 2022 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the District in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year's ending balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal awards have been passed through the following entities: MDE - Michigan Department of Education