Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Gladwin County District Library under programs of the federal government for the year ended December 31, 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 the Gladwin County District Library, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Gladwin County District Library.
Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following the cost principles contained Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The current year expenditures, in accordance with Uniform Guidance, includes USDA loan balances for community facilities loans with continuing compliance requirements.
SEE NOTES TO THE SEFA FOR TABLE
SEE NOTES TO THE SEFA FOR TABLE
The Library did not elect to use the 15% de minimis indirect cost rate.