Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are
reported on the modified cash basis of accounting. Such expenditures are recognized following
the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
federal award activity of North Central Planning Council under programs of the federal
government for the year ended December 31, 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 North Central Planning Council, it is not intended to and does not present the
financial position or change in net position of North Central Planning Council.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are
reported on the modified cash basis of accounting. Such expenditures are recognized following
the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Council manages the federal loan program, the Revolving Loan Fund – CARES Funding,
through the U.S. Economic Development Administration (EDA). The calculation of the federal
expenditures related to the Revolving Loan Fund – CARES Funding is as follows: (SEE TABLE IN NOTES TO SEFA)
Title: FEDERAL PORTION OF REVENUE CALCULATIONS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are
reported on the modified cash basis of accounting. Such expenditures are recognized following
the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Council received funds from an agency which were comprised of both federal and nonfederal
dollars. The calculation of the federal amounts of funding for proper presentation in the
Schedule of Expenditures of Federal Awards are as follows: (SEE NOTES TO THE SEFA FOR THE TABLE)
Title: PASS-THROUGH ENTITIES
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are
reported on the modified cash basis of accounting. Such expenditures are recognized following
the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Council received federal awards both directly and indirectly through pass-through entities.
The Council has provided pass-through numbers where available.