Title: NOTE 3 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected the minimum indirect cost rate provided for by The Uniform Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries and wages, applicable fringe benefits, materials and supplies, services, and travel) .
The Schedule includes the federal award activity of the Lake Agassiz Regional Council under programs of the federal government for the year ended December 31, 2022. The information is presented in accordance with the requirements of the 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 Lake Agassiz Regional Council, it is not intended to and does not present the financial positions, changes in net position, or cash flows of Lake Agassiz Regional Council.
Title: NOTE 4 LOANS OUTSTANDING
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected the minimum indirect cost rate provided for by The Uniform Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries and wages, applicable fringe benefits, materials and supplies, services, and travel) .
The calculation of total federal expenditures for the Economic Development Administration Revolving Loan Fund (EDA RLF) program (AL 11.307) are as follows: EDA RLF Balance of loans receivable at December 31, 2022 $ 1,374,950 Cash, cash equivalents and Investments 176,647 Administrative expenses 40,418 Total Expenditures of Federal Awards $ 1,592,015
Title: NOTE 5 FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected the minimum indirect cost rate provided for by The Uniform Guidance, which allows for the allocation of 10% of modified total direct costs (direct salaries and wages, applicable fringe benefits, materials and supplies, services, and travel) .
Government grant revenue per the statement of revenues, expenditures, and changes in fund balance governmental funds for the year ended December 31, 2022 has been reconciled to the total federal expenditures per the Schedule of Expenditures of Federal Awards as follows: Federal grants $ 186,961 Less federal funds used in the loan pool (169,776) Total federal grants 17,185 EDA RLF Loan 1,592,015 Total $ 1,609,200 Total federal expenditures on SEFA $ 1,609,200.