Notes to SEFA
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through identifying numbers are presented when available.
The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
De Minimis Rate Used: N
Rate Explanation: The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
The accompanying schedule of expenditures of federal awards includes the federal grants activity of Black River Area Development Corporation and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the financial statements.
Title: Federal Loan Program
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through identifying numbers are presented when available.
The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
De Minimis Rate Used: N
Rate Explanation: The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
The federal loan programs listed subsequently are administered by the Organization or its affiliates and the balances relating to the programs are included in the Organization’s combined financial statements. Loans outstanding at the beginning of the year and loans made during the year with continuing compliance requirements are included in the federal expenditures presented in the Schedule. Those balances as of April 30, 2023 were $393,057.
Title: Matching Requirements
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through identifying numbers are presented when available.
The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
De Minimis Rate Used: N
Rate Explanation: The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
Certain federal programs require that the Organization contribute non-federal funds (matching funds) to support the federal-funded programs. The Organization has complied with the matching requirements. The expenditures of non-federal matching funds are not included on the schedule.
Title: Contingencies
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through identifying numbers are presented when available.
The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
De Minimis Rate Used: N
Rate Explanation: The Organization is not eligible to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance and therefore, has elected not to use it.
In connection with various federal grant programs, the Organization is obligated to administer related programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the Organization to refund program funds.