Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) arereported on the modified cash basis of accounting. Such expenditures are recognized followingthe cost principles contained in Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts shown on the Schedulerepresent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of North Central Planning Council under programs of the federalgovernment for the year ended December 31, 2022. The information in this schedule ispresented 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 North Central Planning Council, it is not intended to and does not present the financial statements of the governmental activities, each major fund, and remaining fund information of North Central Planning Council.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) arereported on the modified cash basis of accounting. Such expenditures are recognized followingthe cost principles contained in Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts shown on the Schedulerepresent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council manages the federal loan program, the Revolving Loan Fund CARES Funding, through the U.S. Economic Development Administration (EDA). The calculation of the federal expenditures related to the Revolving Loan Fund CARES Funding is as follows: End of year loan balance $ 1,051,299End of year cash balance 134,404Current year administrative expenses 39,853Total expenditures 1,225,556Federal percentage 100.00%Total federal expenditures $ 1,225,556
Title: FEDERAL PORTION OF REVENUE CALCULATIONS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) arereported on the modified cash basis of accounting. Such expenditures are recognized followingthe cost principles contained in Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts shown on the Schedulerepresent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Council received funds from an agency which were comprised of both federal and nonfederaldollars. The calculation of the federal amounts of funding for proper presentation in theSchedule of Expenditures of Federal Awards are as follows:Total received $ 3 8,628Federal portion of award 44.03%Federal portion of award for SEFA $ 1 7,008
Title: RECONCILIATION OF SEFA SCHEDULE TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the Schedule) arereported on the modified cash basis of accounting. Such expenditures are recognized followingthe cost principles contained in Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts shown on the Schedulerepresent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following schedule ties the total amount of federal awards as stated on the SEFA scheduleto the financial statements:Per statement of receipts, disbursements andchanges in fund balance - governmental funds:Grant revenue:EDA planning grant $ 70,000EDA Cares grant 96,186Federal portion of SBDC grant as calculatedin SEFA footnote 5 17,008Housing preservation grant 65,201Non-federal portion of revenue 153,682Total grant revenue 402,077Less total non-federal portions ( 153,682)Federal expenditure of Revolving Loan Fund ascalculated in SEFA footnote 4 1,225,556Total federal awards as stated on the SEFA schedule $ 1,473,951