Audit 324393

Title: NOTE 2 Accounting Policies: 1.       Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gogebic-Iron Wastewater Authority under programs of the federal government for the year ended June 30, 2024. 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 portion of the operations of Gogebic-Iron Wastewater Authority it is not intended to and does not present the financial position of Gogebic-Iron Wastewater Authority. De Minimis Rate Used: N Rate Explanation: 1.       Gogebic-Iron Wastewater Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported in 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.

Title: NOTE 3 Accounting Policies: 1.       Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gogebic-Iron Wastewater Authority under programs of the federal government for the year ended June 30, 2024. 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 portion of the operations of Gogebic-Iron Wastewater Authority it is not intended to and does not present the financial position of Gogebic-Iron Wastewater Authority. De Minimis Rate Used: N Rate Explanation: 1.       Gogebic-Iron Wastewater Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Gogebic-Iron Wastewater Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Title: NOTE 4 Accounting Policies: 1.       Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gogebic-Iron Wastewater Authority under programs of the federal government for the year ended June 30, 2024. 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 portion of the operations of Gogebic-Iron Wastewater Authority it is not intended to and does not present the financial position of Gogebic-Iron Wastewater Authority. De Minimis Rate Used: N Rate Explanation: 1.       Gogebic-Iron Wastewater Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Of the 2024 federal expenditures presented in the schedule, the Gogebic-Iron Wastewater Authority provided no federal awards to subrecipients.

Title: NOTE 5 Accounting Policies: 1.       Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gogebic-Iron Wastewater Authority under programs of the federal government for the year ended June 30, 2024. 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 portion of the operations of Gogebic-Iron Wastewater Authority it is not intended to and does not present the financial position of Gogebic-Iron Wastewater Authority. De Minimis Rate Used: N Rate Explanation: 1.       Gogebic-Iron Wastewater Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The major federal assistance program is listed in the Schedule of Findings and Questioned Costs. Gogebic-Iron Wastewater Authority does not qualify as a low-risk auditee in accordance with the Uniform Guidance. Major programs, which must exceed 40% of the total federal awards expended, were selected using a risk-based approach based on auditors’ risk assessments. There were no other federal programs.

Title: NOTE 6 Accounting Policies: 1.       Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gogebic-Iron Wastewater Authority under programs of the federal government for the year ended June 30, 2024. 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 portion of the operations of Gogebic-Iron Wastewater Authority it is not intended to and does not present the financial position of Gogebic-Iron Wastewater Authority. De Minimis Rate Used: N Rate Explanation: 1.       Gogebic-Iron Wastewater Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures in this schedule are in agreement with the amounts reported in the financial statements.