Notes to SEFA
Designates Major Federal Financial Assistance Program
Management has reported the expenditures in the Schedule of Expenditures of Federal Awards equal to those amounts reported in the final cost reports (DS-4044's)
Management has utilized the Michigan Department of Education's (MDE) Cash Management System (CMS) and Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards.
Revenues and expenditures are recognized on the modified accrual basis of accounting. Under this method, expenditures are recognized when incurred. Revenues are recognized if the expenditures have been incurred and cash was received within 60 days of year-end. Any excess or deficiency of revenue received is recorded as deferred and accrued revenue, respectively, at year-end. See Note 1 to the District's audited financial statements for further discussion of the accounting policies used.
Management has elected not to record ending inventory
The District does not elect to use the 10% de minimis indirect cost rate. The District uses the indirect cost rates determined and approved by the Michigan Department of Education.