Notes to SEFA
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts (if any) shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: North Huron Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
General Fund $769,358, Community Service Fund $369,905, Food Service Fund $225,357 Total $1,364,620 Less federal assitance funding not subject to single audit $(369,905) total per schedule of expenditures of federal awards $994,715
Title: Adjustments
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursements. Negative amounts (if any) shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: North Huron Schools has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No adjustments were made.