Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (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. 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 the minimum indirect cost rate provided for by The Uniform
Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries
and wages, applicable fringe benefits, materials and supplies, services, and travel).
The Schedule includes the federal award activity of the Lake Agassiz Regional Council under
programs of the federal government for the year ended December 31, 2024. The information is
presented in accordance with the requirements of the 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 Lake Agassiz Regional Council, it is not intended to and does not present the
financial position, changes in net position, or cash flows of Lake Agassiz Regional Council.
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (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. 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 the minimum indirect cost rate provided for by The Uniform
Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries
and wages, applicable fringe benefits, materials and supplies, services, and travel).
The calculation of total federal expenditures for the Economic Development Administration
Revolving Loan Fund (EDA RLF) program (AL 11.307) are as follows: (SEE TABLE IN NOTES TO SEFA)
Title: FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (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. 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 the minimum indirect cost rate provided for by The Uniform
Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries
and wages, applicable fringe benefits, materials and supplies, services, and travel).
Government grant revenue per the statement of revenues, expenditures, and changes in fund
balance – governmental funds for the year ended December 31, 2024 has been reconciled to
the total federal expenditures per the Schedule of Expenditures of Federal Awards as follows: (SEE TABLE IN NOTES TO SEFA)