Notes to SEFA
The expenditures reported in the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The major federal assistance program is listed in the Schedule of Findings and Questioned Costs. Ironwood Area Schools of Gogebic County qualifies as a low risk auditee in accordance with the Uniform Guidance. Major programs, which must exceed 20% of the total federal awards expended, were selected using a risk-based approach based on auditors’ risk assessments. All other federal programs are considered non-major programs.
The federal oversite agency for the Ironwood Area Schools of Gogebic County is the U.S. Department of Education.
Expenditures in this schedule do not include $56,658 of Qualified School Construction Bond interest subsidies from the U.S. Treasury which are reported in the financial statements. The financial reports are in agreement with the financial statements and the DS4044 Forms, which were submitted as of December 17, 2025.
The amounts reported on the Grant Audit Report reconciles with this schedule.
The amounts reported on the Recipient Entitlement Balance Report (PAL Report) agree with this schedule for U.S.D.A. donated food commodities.
Expenditures include spoilage or pilferage.
The unexpended approved grant awards were carried over and became part of the 2024-2025 approved award or were not used.
The unexpended approved amount will be part of the amount carried over and spent as part of the 2025-2026 approved award or will not be used.
The Child Nutrition Cluster activities are reported in the Special Revenue Fund – Food Services and the remaining federal funds are reported in the General Fund.