Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Michigan Virtual Charter Academy has 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 (the Schedule) includes the federal award activity of Michigan Virtual Charter Academy 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 Michigan Virtual Charter Academy, it is not intended to and does not present the financial position or changes in financial position of Michigan Virtual Charter Academy.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Michigan Virtual Charter Academy has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures per the Schedule of Federal Awards $ 5,615,641
Prior year unavailable revenue recognized in the current year 569,357
Federal revenue per the financial statements $ 6,184,998
Title: Michigan Department of Education Disclosures
Accounting Policies: Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Michigan Virtual Charter Academy has 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 Schedule 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 Schedule, except for the following payments, which were disbursed by June 30, 2023, per the GAR, but not received by the Academy until after year end.
See Notes to the SEFA for Chart/Table.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Michigan Virtual Charter Academy has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: Adjustments
Accounting Policies: Expenditures reported on the Schedule 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Michigan Virtual Charter Academy has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expense reimbursements for AL # 84.424, grant # 230750, were overdrawn during the year in the amount of $20,641, due to a current year adjustment near year end. This amount overdrawn was subsequently reduced from payments received after year end. As of June 30, 2023, the Schedule reports unearned federal revenues of $20,641.