Title: NONCASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Michigan Math and Science Academy (Academy) and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimis cost rate.
Noncash assistance expended by the Academy amounted to $20,239.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Michigan Math and Science Academy (Academy) and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimis cost rate.
Of the federal expenditures presented in the schedule, the Academy provided federal awards to subrecipients as follows: NONE
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Michigan Math and Science Academy (Academy) and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimis cost rate.
Insurance coverage in effect paid with federal funds during the fiscal year amounted to zero. Loans/loan guarantees outstanding at June 30, 2022 amounted to zero. The Academy had no federal grants requiring matching expenditures during the year ended June 30, 2022. Management has utilized the MDE Cash Management System (CMS) Grant Auditor Report (GAR) in preparing the SEFA.
Title: RECONCILIATION TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Michigan Math and Science Academy (Academy) and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimis cost rate.
The following reconciles the federal revenues reported in the statement of revenues, expenditures and change in fund balances - governmental funds for the year ended June 30, 2022 to the expenditures of the Academy-administered federal programs reported on the schedule of expenditures of federal awards: see the Notes to the SEFA for chart/table.