Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Summary of Significant 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, wherein 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
Basis of Presentation - The accompanying schedule of expenditures of federal, state, and local awards (the Schedule) includes the federal, state and local award activity of Great Lakes Community Action Partnership under programs of the federal state and localgovernment for the year ended September 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 Great Lakes Community Action Partnership, it is not intended to and does not present the financial position, changes in net assets or cash flows of Great Lakes Community Action Partnership.
Title: OUTSTANDING LOAN
Accounting Policies: Summary of Significant 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, wherein 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
The United States Department of Agriculture (USDA) Facility Loan Grant is reported in previous years under AL #10.766 has an outstanding loan balance of $3,497,671 at September 30, 2022.