Notes to SEFA
Title: SUB-RECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity
of Northeast Iowa Community Action Corporation under programs of the federal government for the year ended
January 31, 2024. The information in this schedule is presented in accordance with requirements of the 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 Northeast Iowa Community Action Corporation, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Northeast Iowa Community Action Corporation.
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. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: NEICAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
NEICAC does not have any sub-recipients of federal awards.
Title: BALANCE OF OUTSTANDING LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity
of Northeast Iowa Community Action Corporation under programs of the federal government for the year ended
January 31, 2024. The information in this schedule is presented in accordance with requirements of the 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 Northeast Iowa Community Action Corporation, it is not intended to and does not present the
financial position, changes in net assets or cash flows of Northeast Iowa Community Action Corporation.
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. Pass-through entity identifying numbers are presented
where available.
De Minimis Rate Used: N
Rate Explanation: NEICAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year, and loans made during the year, are included in the federal
expenditures presented in the Schedule. The balance of the loans outstanding at January 31, 2024 was
$1,048,936 for the Home Investment Partnership Program AL #14.239 and $203,125 for Community Facilities
Loans and Grants AL #10.766.