Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Blue Water Community Action (the Agency) for the year ended September 30, 2022. Expenditures reported on the Schedule are reported on the same basis of accounting as the financial statements, the accrual basis, although the basis for determining when federal awards are expended is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). In addition, expenditures reported on the Schedule are recognized following the cost principles contained in 2 CFR Part 200, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented on the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Capital asset acquisitions made with federal grant resources are recognized on the Schedule as expenditures at the purchase price. Commodities are recognized as revenue in the accounting period in which they are received and distributed. The related expenses are recognized at the same time as an offsetting entry. The value of commodities is based on valuations provided by the Michigan Department of Education (MDE).The Agency has elected not to use the 10 percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.Revenue has been accrued at September 30, 2022 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as refundable advances on the statement of financial position.Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 1,351,949.
Title: Supplementary Data
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Blue Water Community Action (the Agency) for the year ended September 30, 2022. Expenditures reported on the Schedule are reported on the same basis of accounting as the financial statements, the accrual basis, although the basis for determining when federal awards are expended is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). In addition, expenditures reported on the Schedule are recognized following the cost principles contained in 2 CFR Part 200, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented on the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Capital asset acquisitions made with federal grant resources are recognized on the Schedule as expenditures at the purchase price. Commodities are recognized as revenue in the accounting period in which they are received and distributed. The related expenses are recognized at the same time as an offsetting entry. The value of commodities is based on valuations provided by the Michigan Department of Education (MDE).The Agency has elected not to use the 10 percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.Revenue has been accrued at September 30, 2022 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as refundable advances on the statement of financial position.Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following table was prepared to meet the single audit reporting requirements of the MDE. See Note 2 of the SEFA for chart/table.
Title: Reconciliation of Schedule of Expenditures of Federal Awards.
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Blue Water Community Action (the Agency) for the year ended September 30, 2022. Expenditures reported on the Schedule are reported on the same basis of accounting as the financial statements, the accrual basis, although the basis for determining when federal awards are expended is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). In addition, expenditures reported on the Schedule are recognized following the cost principles contained in 2 CFR Part 200, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented on the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Capital asset acquisitions made with federal grant resources are recognized on the Schedule as expenditures at the purchase price. Commodities are recognized as revenue in the accounting period in which they are received and distributed. The related expenses are recognized at the same time as an offsetting entry. The value of commodities is based on valuations provided by the Michigan Department of Education (MDE).The Agency has elected not to use the 10 percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.Revenue has been accrued at September 30, 2022 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as refundable advances on the statement of financial position.Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following reconciliation was prepared to meet the single audit reporting requirements of the uniform guidance. See Note 3 of the SEFA for reconciliation.