Title: NOTE 2
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The expenditures reported in 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 reimbursement.
Title: NOTE 4
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The major federal assistance program is listed in the Schedule of Findings and Questioned Costs. Ironwood Area Schools of Gogebic County qualifies as a low risk auditee in accordance with the Uniform Guidance. Major programs, which must exceed 20% of the total federal awards expended, were selected using a risk-based approach based on auditors’ risk assessments. All other federal programs are considered non-major programs.
Title: NOTE 5
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The federal oversite agency for the Ironwood Area Schools of Gogebic County is the U.S. Department of Education.
Title: NOTE 6
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Expenditures in this schedule do not include $92,850 of Qualified School Construction Bond interest subsidies from the U.S. Treasury which are reported in the financial statements and the financial statements do not include $20,800 of Emergency Connectivity Fund revenue not available to finance current obligations at the end of the prior year. The financial reports are in agreement with the financial statements except for the DS4044 Forms, which were not prepared as of October 5, 2023.
Title: NOTE 7
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The amounts reported on the Grant Audit Report reconciles with this schedule.
Title: NOTE 8
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The amounts reported on the Recipient Entitlement Balance Report (PAL Report) agree with this schedule for U.S.D.A. donated food commodities.
Title: NOTE 9
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Expenditures include spoilage or pilferage.
Title: NOTE 10
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The unexpended approved grant awards were carried over and became part of the 2022-2023 approved award or were not used.
Title: NOTE 11
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The unexpended approved amount will be part of the amount carried over and spent as part of the 2023-2024 approved award or will not be used.
Title: NOTE 12
Accounting Policies: 1. Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ironwood Area Schools of Gogebic County 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 portion of the operations of Ironwood Area Schools of Gogebic County it is not intended to and does not present the financial position of Ironwood Area Schools of Gogebic County.
De Minimis Rate Used: N
Rate Explanation: Ironwood Area Schools of Gogebic county has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The Child Nutrition Cluster activities are reported in the Special Revenue Fund – Food Services and the remaining federal funds are reported in the General Fund.