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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenue presented in the financial statements: Medical Care Facility Fund $925,275 Governmental Funds 3,155,328 4,080,603 Amounts due from the State of Michigan that will be recognized as revenue for the year ended December 31, 2023 because they are considered unavailable in the governmental funds. #16.607 Bulletproof Vest Partnership Program 472 #97.067 State Homeland Security Grant Program 3,373 Amounts paid from the State of Michigan that were recognized as revenue for the year ended December 31, 2022 because they were considered unavailable in the governmental funds for the year ended December 31, 2021 #16.034 Coronavirus Emergency Supplemental Funding Grants (5,197)#93.563 Child Support Enforcement (42,857)#97.042 Emergency Management Performance Grant (11,850)#97.067 State Homeland Security Grant Program (20,956) Loans receivable for the year ended December 31, 2022 not recognized as federal revenue but recognized as federal award expenditures. #10.769 Rural Business Enterprise Fund Grant 37,905 Revolving Loan Fund Capital Base #11.307 Economic Adjustment Grant for Military Base Closures 2,959,206 #11.307 CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award 1,571,522 Loan disbursements, write-offs, and administrative expenses made for the year ended December 31, 2022 not recognized as federal revenue, but recognized as federal award expenditures. #11.307 Economic Adjustment Grant for Military Base Closures 19,139 #11.307 CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award 79,408 Cash balances and administrative expenses in revolving loan funds required to be included in the Schedule of Expenditures of Federal Awards per the compliance supplements but, not included as federal revenue in the financial statements. #10.769 Rural Business Enterprise Fund Grant 10,252 Loan repayments, loans disbursed by subrecipients, and interest revenue in revolving loan funds recognized as mortgage repayment and interest revenue but required to be reported on the Schedule of Expenditures of Federal Awards. #14.228 ICHRRLP Revolving Loan Fund 2,851 #14.228 CDBG Revolving Loan Fund passed through the Michigan EconomicDevelopment Corporation 17,136 Medical Care Facility Fund Federal revenue per the financial statements not required to be includedon the Schedule of Expenditures of Federal Awards per Michigan Department of Health and HumanServices and the U.S. Department of Health and Human Services guidance (555,411)Second year of Revolving Loan Fund for #11.307 Economic Development Administration - CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award recognized as revenue for the year ended December 31, 2022 (444,075)Federal revenues falling under the scope of this single audit for the Iosco County RoadCommission shown as operating grants and contributions in the financial statements.#21.205 Highway Infrastructure Program Coronavirus Response and ReliefSupplemental Appropriations Grant 163,038 Federal Awards passed through the County to other local units of government required to be included on the Schedule of Expenditures of Federal Awards but not recognized as revenue to the County. #10.665 Schools & Roads - Grants to States Oil/Gas Royalties 3,860 #10.665 Schools & Roads - Grants to States National Forest Revenue 111,948 Federal revenue expended per the Schedule of Expenditures of Federal Awards $7,980,367
Title: Calculation ALN 11.307 EDA-Economic Adj Grant for Military Base Closures
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Balance of the loans outstanding at December 31, 2022 $2,726,869 Cash and investment balance at December 31, 2022 232,337 Administration expenses 19,139 Unpaid principal of loans written off during the year 0 Total 2,978,345 Federal participation rate100%
Title: Calculation ALN 11.307 EDA-Cares RLF Supp Disaster Recovery & Resiliency
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Balance of the loans outstanding at December 31, 2022 $1,510,487 Cash and investment balance at December 31, 2022 61,035 Administration expenses 79,408 Unpaid principal of loans written off during the year 0 Total 1,650,930 Federal participation rate100%
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Iosco County has not elected 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 Iosco County under programs of the federal government for the year ended December 31, 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 County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Iosco County.