Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Iowa Northland Regional Council of Governments (the Agency) 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 2 CFR, 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 Agency, it is not intended to and does not present the financial position, changes in financial position or cash flows of the Agency.
The federal loan program for Federal Assistance Listing No. 11.307 Economic Adjustment Assistance is administered directly by the Agency and includes a revolving loan fund (RLF). The amount of the expenditures for this revolving loan fund is based on 1) the balance of RLF loans outstanding at the end of the year, 2) cash and investment balances in the RLF at the end of the year, 3) administrative expenses paid out of the RLF during the year and 4) the amount of RLF loans written off during the year. Calculated expenditures for the year ended June 30, 2025 are as follows: Grant Number 05-79-06007: Balance of RLF Loans Outstanding 6/30/25 $206,959 RLF Cash 6/30/25 $52,102 Administrative Expense Paid Out in 2025 $4,198 Principal Balance Written Off in 2025 $0.00 Total $263,259 Federal Percentage 100% Amount Included on Schedule of Expenditures of Federal Awards $263,259