Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are reported on the modified cash 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 Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of North Central Planning Council under programs of the federal government for the year ended December 31, 2023. 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 North Central Planning Council, it is not intended to and does not present the financial position or change in net position of North Central Planning Council.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are reported on the modified cash 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 Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Council manages the federal loan program, the Revolving Loan Fund – CARES Funding, through the U.S. Economic Development Administration (EDA). The calculation of the federal expenditures related to the Revolving Loan Fund – CARES Funding is as follows: See the Notes to the SEFA for chart/table.
Title: FEDERAL PROTECTION OF REVENUE CALCULATIONS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are reported on the modified cash 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 Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Council received funds from an agency which were comprised of both federal and non-federal dollars. The calculation of the federal amounts of funding for proper presentation in the Schedule of Expenditures of Federal Awards are as follows: See the Notes to the SEFA for chart/table.