Title: Basis of Presentation
Accounting Policies: 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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Iosco County 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 Iosco County, it is not intended to and does not present the financial position, changes in net position, or cash flows of Iosco County.
Title: Reconciliation to Financial Statements
Accounting Policies: 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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenue presented in the financial statements:
Medical Care Facility Fund $478,707
Governmental Funds 2,250,494
2,729,201
Amounts due from the State of Michigan that will be recognized as revenue
for the year ended December 31, 2025 because they are considered unavailable in
the governmental funds.
#16.607 Bulletproof Vest Partnership Program 518
#21.027 MI-HOPE Program 66,718
#93.563 Child Support Enforcement 48,671
#97.042 Emergency Management Performance Grants 3,881
#97.067 State Homeland Security Grant Program 12,200
#97.067 Homeland Security Grant Program, Operation Stonegarden 1,973
Amounts paid from the State of Michigan that were recognized as revenue
for the year ended December 31, 2024 because they were considered unavailable in
the governmental funds for the year ended December 31, 2023
#93.563 Child Support Enforcement (74,283)
#97.067 State Homeland Security Grant Program (6,442)
Loans receivable for the year ended December 31, 2023 not recognized as federal
revenue but recognized as federal award expenditures.
#10.769 Rural Business Enterprise Fund Grant 20,197
Revolving Loan Fund Capital Base
#11.307 CARES Act Revolving Loan Fund Supplemental Disaster Recovery and
Resiliency Award 1,697,425
Loan disbursements, write-offs, and administrative expenses made for
the year ended December 31, 2024 not recognized as federal revenue, but
recognized as federal award expenditures.
#11.307 CARES Act Revolving Loan Fund Supplemental Disaster Recovery and
Resiliency Award 18,440
Cash balances and administrative expenses in revolving loan funds required to be
included in the Schedule of Expenditures of Federal Awards per the compliance
supplements but, not included as federal revenue in the financial statements.
#10.769 Rural Business Enterprise Fund Grant $31,067
Loan repayments, loans disbursed by subrecipients, and interest revenue in revolving loan
funds recognized as mortgage repayment and interest revenue but required to be reported
on the Schedule of Expenditures of Federal Awards.
#14.228 ICHRRLP Revolving Loan Fund 438
#14.228 CDBG Revolving Loan Fund passed through the Michigan Economic
Development Corporation 14,186
Medical Care Facility Fund Federal revenue per the financial statements not required to be included
on the Schedule of Expenditures of Federal Awards per Michigan Department of Health and Human
Services and the U.S. Department of Health and Human Services guidance (478,707)
Federal Awards passed through the County to other local units of government
required to be included on the Schedule of Expenditures of Federal Awards
but not recognized as revenue to the County.
#10.665 Schools & Roads - Grants to States Oil/Gas Royalties 1,221
#10.665 Schools & Roads - Grants to States National Forest Revenue 102,044
Federal revenue expended per the Schedule of Expenditures of Federal Awards $4,188,748
Title: Calculation of the amount on the Schedule of Expenditures of Federal Awards for #11.307 Economic Development Administration - CARES Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award
Accounting Policies: 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, Title 2, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Iosco County has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Balance of the loans outstanding at December 31, 2024 $1,317,486
Cash and investment balance at December 31, 2024 379,939
Administration expenses 18,440
Unpaid principal of loans written off during the year 0
Total 1,715,865
Federal participation rate 100%