Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Michigan Association of Intermediate School Administrators (the “Association”) under programs of the federal government for the year ended June 30, 2021. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Expenditures reported in the Schedule are reported on the same basis of accounting as the financial statements. Expenditures related to Assistance Listing Number 21.019, Coronavirus Relief Fund (CRF), do not apply the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, but rather apply the U.S. Department of the Treasury’s guidance. The Association has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10 percent de minimis indirect cost rate