The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Lakeside Improvement Association, Inc. and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Lakeside Improvement Association, Inc. has elected not to use the indirect cost rate allowed under Uniform Guidance.
The Association was the named recipient of a federal award from the U.S. Department of the Treasury, passed through the Indiana Finance Authority, under the Coronavirus State and Local Fiscal Recovery Funds program, Assistance Listing Number 21.027. The total federal award was $2,800,000, of which $2,124,031 was expended during the year ended December 31, 2025.The following table reconciles the federal award expenditures reported in the Schedule of Expenditures of Federal Awards to amounts paid directly to vendors on behalf of the Association: Schedule of Expenditures of Federal Awards expenditures $2,124,031 Less: Federal award cash received directly by the Association - Vendor/direct-paid federal award expenditures paid on behalf of the Association $2,124,031 Federal award funds were paid directly by the funding source or pass-through entity to vendors on behalf of the Association for eligible project costs. No federal award cash was deposited into or disbursed from the Association’s bank accounts during the year ended December 31, 2025. The Association includes the vendor-paid amounts in federal award expenditures because the payments related to eligible costs incurred for the Association’s federal award. During the year ended December 31, 2025, the Association recognized grant revenue of $2,124,031 and related grant-funded expenses of $2,124,031 for eligible costs paid directly to vendors on behalf of the Association. These amounts are noncash transactions for financial statement purposes because the federal funds were not deposited into or disbursed from the Association’s bank accounts.