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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Segregation of Duties - One important aspect of internal control is the segregation of duties among personnel to prevent an individual from handling duties which are incompatible. Iowa Community Capital has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result some of the aspects or internal control are missing.
Segregation of Duties - One important aspect of internal control is the segregation of duties among personnel to prevent an individual from handling duties which are incompatible. Iowa Community Capital has a limited number of people which have the primary responsibility for most of the accounting and financial duties, as a result some of the aspects or internal control are missing.