Notes to SEFA
Title: NOTE 3 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the accompanying 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 the 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 the minimum indirect cost rate provided for by The Uniform Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries and wages, applicable fringe benefits, materials and supplies, services, and travel).
The Schedule includes the federal award activity of the Lake Agassiz Regional Council under programs of the federal government for the year ended December 31, 2023. The information is presented in accordance with the 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 Lake Agassiz Regional Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lake Agassiz Regional Council.
Title: NOTE 4 LOANS OUTSTANDING
Accounting Policies: Expenditures reported in the accompanying 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 the 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 the minimum indirect cost rate provided for by The Uniform Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries and wages, applicable fringe benefits, materials and supplies, services, and travel).
The calculation of total federal expenditures for the Economic Development Administration Revolving Loan Fund (EDA RLF) program (AL 11.307) are as follows:
SEE NOTES TO THE SEFA FOR CHART/TABLE
Title: NOTE 5 FINANICAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported in the accompanying 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 the 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 the minimum indirect cost rate provided for by The Uniform Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries and wages, applicable fringe benefits, materials and supplies, services, and travel).
Government grant revenue per the statement of revenues, expenditures, and changes in fund balance – governmental funds for the year ended December 31, 2023 has been reconciled to the total federal expenditures per the Schedule of Expenditures of Federal Awards as follows:
SEE NOTES TO THE SEFA FOR CHARTS/TABLE