Audit 358121

Title: Federal Loan Programs Accounting Policies: This accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal award activity of the Lake Area Improvement Corporation 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 the Lake Area Improvement Corporation, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the organization. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Lake Area Improvement Corporation has not elected to use the 10% de minimis cost rate. See Notes to the SEFA for chart/table.