Title: Note A -General
Accounting Policies: the Council 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: Client elected ot to use
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award programs of the Central Midlands Council of Governments (the “Council”) for the year ended June 30, 2024. All federal awards received directly from federal agencies, as well as those passed through other government agencies, are included on the Schedule.
Title: Note C - Relationship to Basic Financial Statements
Accounting Policies: the Council 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: Client elected ot to use
Federal award expenditures are reported in the Council’s basic financial statements as expenditures in the General Fund and Special Revenue Funds. Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports except for timing differences related to expenditures made subsequent to the filing of the federal financial reports. Matching costs, i.e. the non-federal share of certain program costs, are not included in the accompanying schedule.
Title: Note D - Contingencies
Accounting Policies: the Council 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: Client elected ot to use
The Council receives funds under various federal grant programs, and such awards are to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of non-compliance.
Title: Note E - Major Programs and Clusters
Accounting Policies: the Council 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: Client elected ot to use
* Denotes major programs
As defined in the Uniform Guidance, WIOA, Federal Transit, and Aging programs are considered to be clusters of programs and, accordingly, have been classified as one program for testing purposes.
Title: Note F - Indirect Costs
Accounting Policies: the Council 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: Client elected ot to use
The Council uses a restricted indirect cost rate between 29.25% and 39.96% depending on grant year that is used for its federal programs and did not use the 10% de Minimis indirect cost rate as allowed under the Uniform Guidance and covered in 2 CFR Part 200.414.