Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the County's federal awards and does not present transactions that would be included in financial statements of the County presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The County of Ogemaw did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Ogemaw under programs of the federal government for the year ended September 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 the County of Ogemaw, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the County of Ogemaw .
Title: Reconciliation to Financial Statements:
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the County's federal awards and does not present transactions that would be included in financial statements of the County presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The County of Ogemaw did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
Federal revenue presented in the financial statements:
Governmental Funds $1,183,798
Proprietary Funds 546,508
Component Unit - Ogemaw County Land Bank Authority 49,125
Component Unit - Economic Development Corporation 62,000
1,841,431
Accounts receivable for the year ended September 30, 2023 received more than
60 days after year-end and recognized as federal revenue in the fiscal year
September 30, 2024 financial statements:
Emergency Management Performance Grant - 2023 (5,946)
HMEP 22-23 (1,500)
Bulletproof Vest Partnership Grant FY2020 Regular Fund (2,700)
Accounts receivable for the year ended September 30, 2024 received more than
60 days after year-end and to be recognized as federal revenue in fiscal year
September 30, 2025 financial statements:
Boating Safety Financial Assistance - 2024 7,900
Prosecuting Attorney CS-PA24-65002 4,671
Emergency Management Performance Grant - 2024 3,196
Homeland Security Grant EMW-2022-SS-00031-S01 436
HMEP 23-24 250
MI-HOPE Program ARP-2023-324-MIH 96,320
First year of Revolving Loan Fund for #10.351 Rural Business Development Grant
recognized as revenue for the year ended September 30, 2024 (62,000)
Revolving Loan Fund Capital Base
#10.351 Rural Business Development Grant 66,910
Federal revenue on the Schedule of Expenditures of Federal Awards $1,948,968
Title: Calculation of the amount on the Schedule of Expenditures of Federal Awards for #10.351 Rural Business Deveopment Grant - Revolving Loan Fund
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the County's federal awards and does not present transactions that would be included in financial statements of the County presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The County of Ogemaw did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
Balance of the loans outstanding at September 30, 2024 $35,000
Cash and investment balance at September 30, 2024 31,910
Administration expenses 0
Unpaid principal of loans written off during the year 0
Total $66,910
Federal participation rate 100%