Notes to SEFA
Title: General
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis cost rate.
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 repo1iing 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.
Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis cost rate.
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.
Title: Economic Development Administration Revolving Loan Grant
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: 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 ofRLF loan - CARES outstanding as of March 31, 2023
Cash and investment balance in RLF as of March 31, 2023
Administrative expense paid out of RLF income during the fiscal year
Subtotal
Federal share of the RLF
Expenditures of federal awards
15
$ 977,553
40,220
1,842
1,019,615
100.00%
$ 1,019,615