Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Organization's federal awards and does not present transactions that would be included in financial statements of the Organization presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. The amounts reported on the R7120, Grants Section Auditors' Report, reconcile with this schedule.
De Minimis Rate Used: N
Rate Explanation: Iosco Regional Education Service Agency did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Iosco Regional Education Service Agency under programs of the federal government for the year ended June 30, 2022. 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 Iosco Regional Education Service Agency , it is not intended to and does not present the financial position, changes in net assets, or cash flows of Iosco Regional Education Service Agency .
Title: Reconciliation to Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Organization's federal awards and does not present transactions that would be included in financial statements of the Organization presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America. Expenditures on this schedule reconcile with amounts reported in the financial statements and the financial reports submitted to the Michigan Department of Education. The amounts reported on the R7120, Grants Section Auditors' Report, reconcile with this schedule.
De Minimis Rate Used: N
Rate Explanation: Iosco Regional Education Service Agency did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
General Fund $168,428 Vocational Education 70,445 Special Education 1,543,518 Food Service Fund 51,728 Federal Revenue Presented in the Financial Statements 1,834,119 Accounts receivable for the year ended June 30, 2022 received more than 60 days after year-end and to be recognized as federal revenue in fiscal year June 30, 2023 financial statements:Homeless Students' Assistance Grants 222320 785 Federal Revenue on the Schedule of Expenditures of Federal Awards $1,834,904