Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 1200358.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lewis and Clark Regional Development Council under programs of the federal government 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 Lewis and Clark Regional Development Council, it is not intended to and does not present the financial statements of the governmental activities, each major fund, and remaining fund information of Lewis and Clark Regional Development Council.
Title: INTERMEDIARY RELENDING PROGRAM
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council manages the Intermediary Relending Program (USDA). The beginning balance of the outstanding loans for the current year are also included in the federal expenditures presented in the schedule due to ongoing compliance requirements.Federal Assistance Listing Number Beginning Balance Ending BalanceIntermediary Relending Program 10.767 $ 1,289,488 $ 1,200,358
Title: RELENDING LOAN FUND (EDA)
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council manages the Revolving Loan Fund (EDA). The following is the calculation of the federal expenditures for the Revolving Loan Fund:CARES RLFLoans receivable 9/30/22 $ 830,578Cash account balances 223,255Administrative expenses (excludes bad debt) 24,111Total expenditures 1,077,944Federal percentage 100.00%Total federal expenditures $ 1,077,944
Title: FEDERAL PORTION OF GRANT INCOME CALCULATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council received funds from multiple agencies which were comprised of both federal and non-federal dollars. The calculation of the federal amounts of grant income as stated on the Statement of Revenues, Expenditures, and Changes in Fund Balance Governmental Funds for proper presentation in the Schedule of Expenditures of Federal Awards are as follows:EDA Development Planning Grant $ 70,000EDA Cares Planning Grant 214,342Federal portion of grant income $ 284,342
Title: FEDERAL PORTION OF SERVICES RENDERED AND OTHER CALCULATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council received funds for services rendered to the Lewis and Clark Certified Development Company for services rendered, funds from the ND Division of Community Services for scoring and ranking services, which are derived from federal funds, as well as fees received for other services rendered. The breakdown of services rendered and other revenue as stated on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Government Funds is as follows:Services rendered to LCCDC $ 110,785Other services rendered 29,480Scoring and ranking fees - Federal funds 7,643Total Services rendered and other $ 147,908
Title: RECONCILIATION OF SEFA SCHEDULE TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following schedule ties the total amount of federal awards as stated on the SEFA schedule to the financial statements:Per statement of revenue, expenditures, and changes in fund balance-governmental funds:Grant income as stated in SEFA Note 6 $ 284,342Balance of IRP loan as stated in SEFA Note 4 1,289,488Balance of RLF as stated in SEFA Note 5 1,077,944Scoring and ranking fees as stated in Note 7 7,643Total federal awards as stated on the SEFA schedule $ 2,659,417