Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Ovid-Elsie Area Schools under programs of the federal government for the year ended June 30, 2025. 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 Ovid-Elsie Area Schools, it is not intended to and does not present the financial position or changes in net position of Ovid-Elsie Area Schools.
Expenditures Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate Ovid-Elsie Area Schools 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.
The amounts reported on the recipient entitlement balance report agree with the schedule of expenditures of federal awards for U.S.D.A donated food commodities. The amounts reported on the Grant Auditor Report are in agreement with the schedule of expenditure of federal awards except the differences listed below as a result of timing difference of when the deposits were received: See the Notes to the SEFA for chart/table