Title: BASIS OF PRESENTATION
Accounting Policies: 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 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 when applicable and available.
De Minimis Rate Used: Y
Rate Explanation: LADCO elected to use the 10% de minimus cost rate during the year ended September 30, 2023.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the
Lake Michigan Air Directors Consortium (“LADCO”) under programs of the federal government for the year ended
September 30, 2023. The information in this 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 LADCO,
it is not intended to and does not present the financial position, changes in net assets, or cash flows of LADCO.
Title: Insurance
Accounting Policies: 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 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 when applicable and available.
De Minimis Rate Used: Y
Rate Explanation: LADCO elected to use the 10% de minimus cost rate during the year ended September 30, 2023.
Insurance coverage for the year ended September 30, 2023 was as follows:
Commercial general liability $1,000,000
Property and liability $1,000,000
Directors and officers $1,000,000
Workers’ compensation $500,000 limit per employee
Title: NON‐CASH ASSISTANCE
Accounting Policies: 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 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 when applicable and available.
De Minimis Rate Used: Y
Rate Explanation: LADCO elected to use the 10% de minimus cost rate during the year ended September 30, 2023.
LADCO has not received non‐cash assistance during the year ending September 30, 2023.
Title: SUBRECIPIENTS
Accounting Policies: 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 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 when applicable and available.
De Minimis Rate Used: Y
Rate Explanation: LADCO elected to use the 10% de minimus cost rate during the year ended September 30, 2023.
There were no subrecipients during the year ended September 30, 2023.
Title: FEDERAL AWARDS IN THE FORM OF LOANS / LOAN GUARANTEES / INTEREST SUBSIDIES
Accounting Policies: 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 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 when applicable and available.
De Minimis Rate Used: Y
Rate Explanation: LADCO elected to use the 10% de minimus cost rate during the year ended September 30, 2023.
There were no federal awards expended in the form of loans, loan guarantees, or interest subsidies at September 30,
2023.