Title: NOTE A - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper MN Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West. Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Upper Minnesota Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West.
Title: NOTE B - Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper MN Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West. Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: NONE
Expenditures reported on the Schedule are reported on the modified 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 C - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper MN Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West. Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: NONE
Upper Minnesota Valley Regional Development Commission, Region Six West, Appleton, Minnesota has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE D - CARES RECOVERY REVOLVING LOAN FUND
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper MN Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West. Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: NONE
Federal revenue recognized for CFDA #11.307 represents $45,724 of WMRLF income used for administrative costs, and a cash and investment balance of $142,002 as of June 30, 2024. This fund has an outstanding loan balance at June 30, 2024, of $1,579,243, of which 100% is federally funded.
Title: NOTE E - ARPA REVOLVING LOAN FUND
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper MN Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West. Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: NONE
Federal revenue recognized for CFDA #11.307 represents $16,472 of WMRLF income used for administrative costs, and a cash and investment balance of $5,457 as of June 30, 2024. This fund has an outstanding loan balance at June 30, 2024, of $470,563, of which 80% is federally funded.
Title: NOTE F - SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Upper MN Valley Regional Development Commission, Region Six West 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 selected portion of the operations of Upper Minnesota Valley Regional Development Commission, Region Six West, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Upper Minnesota Valley Regional Development Commission, Region Six West. Expenditures reported on the Schedule are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: NONE
The Commission expended no awards to subrecipients during the year.