Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs for the North Central Regional Planning Commission (the Commission). The reporting Commission is defined in Note 1 of the Commission’s basic financial statement. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the Schedule.
The accompanying Schedule is presented on a basis which is the same basis of accounting as the financial statement. The information in the 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 Commission, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Commission. The Commission did not elect to use the 10% de minimis cost rate.
The calculation of expenditures of federal awards for the Economic Development Administration, Economic Adjustment Assistance Revolving Loan Fund (RLF) grant program follows: Balance of RLF loan - CARES outstanding as of March 31, 2025 $ 659,742 Cash and investment balance in RLF as of March 31, 2025 364,007 Administrative expense paid out of RLF income during the fiscal year 12,187 Subtotal 1,035,936 Federal share of the RLF 100.00% Expenditures of federal awards $ 1,035,936