Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Lee-Russell Council of Governments, under programs of the federal government for the year ended September 30, 2022. 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 Lee-Russell Council of Governments, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Lee-Russell Council of Governments. Note 2 - Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 523321. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 73427. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 600604.