Title: Basis of Presentation
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Iosco County 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 Iosco County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Iosco County.
Title: Reconciliation to Financial Statements
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenue presented in the financial statements: Medical Care Facility Fund 371549 Governmental Funds 2037929 2409478 Amounts due from the State of Michigan that will be recognized as revenue for the year ended December 31, 2024 because they are considered unavailable in the governmental funds. #93.563 Child Support Enforcement 74283 #97.067 State Homeland Security Grant Program 6442 Amounts paid from the State of Michigan that were recognized as revenue for the year ended December 31, 2023 because they were considered unavailable in the governmental funds for the year ended December 31, 2022 #16.607 Bulletproof Vest Partnership Program -472 #97.067 State Homeland Security Grant Program -3373 Loans receivable for the year ended December 31, 2023 not recognized as federal revenue but recognized as federal award expenditures. #10.769 Rural Business Enterprise Fund Grant 27999 Revolving Loan Fund Capital Base #11.307 Economic Adjustment Grant for Military Base Closures 3087107 #11.307 CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award 1639240 Loan disbursements, write-offs, and administrative expenses made for the year ended December 31, 2023 not recognized as federal revenue, but recognized as federal award expenditures. #11.307 Economic Adjustment Grant for Military Base Closures 18335 #11.307 CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award 13773 Cash balances and administrative expenses in revolving loan funds required to be included in the Schedule of Expenditures of Federal Awards per the compliance supplements but, not included as federal revenue in the financial statements. #10.769 Rural Business Enterprise Fund Grant 22056 Amounts considered receivable for the year ended December 31, 2022 that were later denied by the State of Michigan #97.067 State Homeland Security Grant Program 3373 Loan repayments, loans disbursed by subrecipients, and interest revenue in revolving loan funds recognized as mortgage repayment and interest revenue but required to be reported on the Schedule of Expenditures of Federal Awards. #14.228 ICHRRLP Revolving Loan Fund 145 #14.228 CDBG Revolving Loan Fund passed through the Michigan Economic Development Corporation 21531 Medical Care Facility Fund Federal revenue per the financial statements not required to be included on the Schedule of Expenditures of Federal Awards per Michigan Department of Health and Human Services and the U.S. Department of Health and Human Services guidance -355631 Federal Awards passed through the County to other local units of government required to be included on the Schedule of Expenditures of Federal Awards but not recognized as revenue to the County. #10.665 Schools & Roads - Grants to States Oil/Gas Royalties 3434 #10.665 Schools & Roads - Grants to States National Forest Revenue 99874 Federal revenue expended per the Schedule of Expenditures of Federal Awards 7067594
Title: Calculation of the amount on the Schedule of expenditures of Federal Awards for #11.307 Economic Development Administration - Economic Adjustment Grant for Military Base Closures
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Balance of the loans outstanding at December 31, 2023 2817332 Cash and investment balance at December 31, 2023 269775 Administration Expenses 18335 Unpaid principal of loans written off during the year 0 Total 3105442 Federal Participation rate 100%
Title: Calculation of the amount on the Schedule of Expenditures of Federal Awards for #11.307 Economic Development Administration - CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award
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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Balance of the loans outstanding at December 31, 2023 1606461 Cash and investment balance at December 31, 2023 32779 Administration Expenses 13773 Unpaid principal of loans written off during the year 0 Total 1653013 Federal Participation rate 100%