Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Great Lakes Women’s Business Council (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Women's Business Council has elected not to use the 10% de minimum indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Great Lakes Women’s Business Council (A Nonprofit Organization) under programs of the federal government for the year ended June 30, 2024. The information in the 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 Great Lakes Women’s Business Council (A Nonprofit Organization), it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Women’s Business Council (A Nonprofit Organization).
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Great Lakes Women’s Business Council (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Women's Business Council has elected not to use the 10% de minimum indirect cost rate.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Great Lakes Women’s Business Council (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Major Programs
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Great Lakes Women’s Business Council (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Women's Business Council has elected not to use the 10% de minimum indirect cost rate.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: Loan and Loan Guarantees
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Great Lakes Women’s Business Council (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Women's Business Council has elected not to use the 10% de minimum indirect cost rate.
In accordance with Uniform Guidance, loans and loan guarantees are presented on the accompanying Schedule of Federal Awards at balances outstanding as of July 1, 2023. The Organization received loans under the Microloan Demonstration and Technical Assistance Program to Micro Business (CFDA 59.046). Following is the balance of the loan and loan guarantees as of June 30, 2024:
SBA Loan #13
Loan balance $-0-
Maturity date: May 29, 2024
SBA Loan #14
Loan balance $111,111
Maturity date: June 10, 2026
SBA Loan #15
Loan balance $212,591
Maturity date: July 10, 2028
SBA Loan #16
Loan balance $287,709
Maturity date: July 24, 2029
SBA Loan #17
Loan balance $368,795
Maturity date: July 27, 2029
SBA Loan #18
Loan balance $478,326
Maturity date: November 10, 2032
SBA Loan #19
Loan balance $333,332
Maturity date: October 23, 2033
Title: Federal Revenue Reconciliation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Great Lakes Women’s Business Council (A Nonprofit Organization) has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Women's Business Council has elected not to use the 10% de minimum indirect cost rate.
Federal Revenue per the financial statements $604, 786 Federal Expenditures per the SEFA $2,656,096 Difference $ (2,051,310) The difference relates to beginning loan balances and new loan draw downs in the fiscal year under the Microloan Demonstration and Technical Assistance Program to Micro Business program in the amount of $2,051,310.