Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marysville Public Schools (the “District”) for the year ended June 30, 2023. Expenditures reported on the Schedule are reported on the same basis of accounting, the modified accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue has been accrued at June 30, 2023 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as unearned revenue. All year-end accruals are considered to have met the modified accrual basis of accounting revenue recognition criteria of measurability and availability. USDA commodities have been recognized as revenues and expenditures when received by the District.
For purposes of charging indirect costs to federal awards, the District has not elected to use the 10% de minimis cost rate.
The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.
De Minimis Rate Used: N
Rate Explanation: The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marysville Public Schools (the “District”) for the year ended June 30, 2023. Expenditures reported on the Schedule are reported on the same basis of accounting, the modified accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue has been accrued at June 30, 2023 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as unearned revenue. All year-end accruals are considered to have met the modified accrual basis of accounting revenue recognition criteria of measurability and availability. USDA commodities have been recognized as revenues and expenditures when received by the District.
For purposes of charging indirect costs to federal awards, the District has not elected to use the 10% de minimis cost rate.
The District administers a number of federal grants, which are paid under reimbursement arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identified on the Schedule are reported in the General and Special Revenue Funds of the District.
Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.
Title: NOTE 2 - NONCASH ASSISTANCE:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marysville Public Schools (the “District”) for the year ended June 30, 2023. Expenditures reported on the Schedule are reported on the same basis of accounting, the modified accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue has been accrued at June 30, 2023 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as unearned revenue. All year-end accruals are considered to have met the modified accrual basis of accounting revenue recognition criteria of measurability and availability. USDA commodities have been recognized as revenues and expenditures when received by the District.
For purposes of charging indirect costs to federal awards, the District has not elected to use the 10% de minimis cost rate.
The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.
De Minimis Rate Used: N
Rate Explanation: The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
The value of the noncash assistance (commodities) received was determined in accordance with the provisions of the Uniform Guidance. The Recipient Entitlement Balance Report is utilized to determine the value of commodities distributed to the District.
Title: NOTE 3 - CASH MANAGEMENT SYSTEM AND GRANT AUDITOR REPORT UTILIZATION:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marysville Public Schools (the “District”) for the year ended June 30, 2023. Expenditures reported on the Schedule are reported on the same basis of accounting, the modified accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue has been accrued at June 30, 2023 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as unearned revenue. All year-end accruals are considered to have met the modified accrual basis of accounting revenue recognition criteria of measurability and availability. USDA commodities have been recognized as revenues and expenditures when received by the District.
For purposes of charging indirect costs to federal awards, the District has not elected to use the 10% de minimis cost rate.
The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.
De Minimis Rate Used: N
Rate Explanation: The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
The District utilizes the MDE NexSys and Grant Auditor Report (GAR) in preparing the Schedule.
Title: NOTE 4 - RECONCILIATION OF REVENUES WITH EXPENDITURES OF FEDERAL AWARD PROGRAMS:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Marysville Public Schools (the “District”) for the year ended June 30, 2023. Expenditures reported on the Schedule are reported on the same basis of accounting, the modified accrual basis, as the financial statements, although the basis for determining when federal awards are expended 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue has been accrued at June 30, 2023 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as unearned revenue. All year-end accruals are considered to have met the modified accrual basis of accounting revenue recognition criteria of measurability and availability. USDA commodities have been recognized as revenues and expenditures when received by the District.
For purposes of charging indirect costs to federal awards, the District has not elected to use the 10% de minimis cost rate.
The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.
De Minimis Rate Used: N
Rate Explanation: The District administers a number of federal grants, which are paid under reimburse¬ment arrangements in which the District bills the Michigan Department of Education (MDE) or other pass-through grantors for allowable costs incurred. The programs identi¬fied on the Schedule are reported in the General and Special Revenue Funds of the District.
The following schedule reconciles revenue from federal sources reported in the financial statements to the expenditures of federal awards reported on the Schedule: See notes to the SEFA for chart/table