Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Holly Area Schools elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of Holly Area Schools under programs of the federal government for the year ended June 30, 2023. 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 Holly Area Schools, it is not intended to and does not present the financial position or changes in financial position of Holly Area Schools.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Holly Area Schools elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenues reported in the financial statements equal the expenditures reported on the SEFA.
Federal revenues per the financial statements $ 6,747,221
Federal grants received as a vendor subcontractor (47,600)
Federal grants received as a beneficiary payment (1,066,221)
Federal expenditures per the SEFA $ 5,633,400.
Title: Michigan Department of Education Disclosures
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Holly Area Schools elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Management has reported the expenditures in the SEFA equal to those amounts reported in the annual or final cost reports that have been submitted for that particular grant year. The federal amounts reported on the Grant Auditor Report (GAR) are in agreement with the SEFA. The amounts reported on the Recipient Entitlement Balance Report (PAL Report) agree with the SEFA for USDA donated food commodities.
Title: Subrecipients
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Holly Area Schools elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.