Title: NOTE 1 - BASIS OF PRRESENTATION
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Upper Savannah Council of Governments under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented on the modified accrual basis of accounting and in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a select portion of the operations of the Upper Savannah Council of Governments, it is not intended to and does not present the financial position or changes in net position of the Upper Savannah Council of Governments.
Title: NOTE 2 - COST PRINCIPLES
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
Expenditures are recognized following the cost principles contained in 2 CFR Part 200 , Cost Principles for States, Local Governments, and Indian Tribes, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Matching costs, i.e., the non-federal share of certain program costs, are not included in the Schedule.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The Upper Savannah Council of Governments has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
Title: NOTE 4 - LOAN OUTSTANDING
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE. EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN 2 CFR PART 200, COST PRINCIPLES FOR NONPROFIT ORGANIZATIONS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The Upper Savannah Council of Governments had the following loan balances outstanding at June 30, 2024. These loan balances outstanding are also included in the federal expenditures presented in the Schedule.
Program Title- EDA Revolving Loan Fund
Federal Assistance Listing Number - 11.307
Outstanding Balance at June 30, 2024 - $178,927
The calculation of federal funds expended for the EDA Revolving Loan Fund as reported in the Schedule is as follows:
Revolving Loan Fund (RLF) Principal Outstanding - $178,927
Cash and Investment Balances in the RLF:
- Investment Pool - 615,243
- Checking Account - 15,139 630,382
Administrative Expenses Paid from RFL Income - 18,278
828,037
Federal share of the RLF: 50%
Total Federal Expenditures - $414,019
Program Title - EDA Revolving Loan Fund - CARES
Federal Assistance Listing Number - 11.307
Outstanding Balance at June 30, 2024 - $693,782
The calculation of federal funds expended for the EDA Revolving Loan Fund - CARES as reported in the Schedule is as follows:
Revolving Loan Fund - CARES (RLF-CARES)
Principal Outstanding - $693,782
Cash and Investment Balances in the RLF-CARES:
- Investment Pool - 84,187
- Checking Account - 14,726 98,913
Administrative Expenses Paid from RLF-CARES Income 12,607
805,302
Federal share of the RLF-CARES: 100%
Total Federal Expenditures - $805,302