Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Upper Minnesota Valley Regional Development Commission, Region Six West 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 Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West.NOTE B - Summary of Significant 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE D - CARES RECOVERY REVOLVING LOAN FUND Federal revenue recognized for CFDA #11.307 represents $89,743 of WMRLF income used for administrative costs, and a cash and investment balance of $184,561 as of June 30, 2022. This fund has an outstanding loan balance at June 30, 2022, of $1,535,814, of which 100% is federally funded.
Title: Subrecipients
Accounting Policies: NOTE A - Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Upper Minnesota Valley Regional Development Commission, Region Six West 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 Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West.NOTE B - Summary of Significant 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Commission expended no awards to subrecipients during the year.