Notes to SEFA
The Schedule of Expenditures of Federal Awards presents the federal award programs expended by Mid-Minnesota Development Commission. The Commission's reporting entity is defined in Note 1 to the financial statements.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Mid-Minnesota Development Commission under programs of the federal government for the year ended June 30, 2025. 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. Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Commission.
The Commission did not pass any federal money to subrecipients.
Mid-Minnesota Development Commission had the following loan balances outstanding at June 30, 2025. The federal portion of the loans outstanding are included in the federal expenditures presented in the Schedule.