Audit 324639

Title: Note 1 - Basis of Presentation Accounting Policies: Note 2 - Summary of Significant Accounting Policies Expenditures reported in the schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which were accounted for on the cash basis. 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. De Minimis Rate Used: N Rate Explanation: Note 3 - Indirect Cost Rate The Iowa Finance Authority has not elected to use the 10% de minimis cost rate. The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Iowa Finance Authority (the Authority) under programs of the federal government for the year ended June 30, 2024. The information 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). The schedule excludes the Clean Water and Drinking Water State Revolving Fund Clusters as they are deemed programs of the Iowa Department of Natural Resources and are included on the schedule of expenditures of federal awards for the State of Iowa. Because the schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.