Title: Note A - Purpose of the Schedule:
Accounting Policies: Note B - Significant Accounting Policies:
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
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 (SEFA) is a supplementary schedule to Mid- Columbia Economic
Development District's financial statements and is presented for purposes of additional analysis. Because the SEFA presents only
selected portion of the activities of MCEDD, it is not intended to and does not present either the financial position, results of
operations, or changes in fund balances/equity of the District.
Title: Note B - Significant Accounting Policies:
Accounting Policies: Note B - Significant Accounting Policies:
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
Title: Note C - Intermediary Relending Program:
Accounting Policies: Note B - Significant Accounting Policies:
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
A summary of changes in the Intermediary Relending Program are as follows:
Title: Note D - Subsidized Interest:
Accounting Policies: Note B - Significant Accounting Policies:
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Low interest loans are federal financial assistance to the extent of the interest subsidy. Assuming fair value loan rate
to be 7%, and knowing the actual loan rate to be 1%, subsidized interest is approximately $92,414.
Title: Note E - EDA Revolving Loan Fund:
Accounting Policies: Note B - Significant Accounting Policies:
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
A summary of changes in EDA Revolving Loan Fund balances are as follows:
Title: Note F -CDBG Klickitat:
Accounting Policies: Note B - Significant Accounting Policies:
The reporting entity is fully described in Note 1 to MCEDD's statements. The SEFA includes all federal programs administered by
the District for the year ended June 30, 2023.
Basis of Presentation
The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title2. 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 District, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the District.
Federal Financial Assistance
Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest
subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is
included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not
include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the
federal government procures tangible goods or services are not considered to be federal financial assistance.
Major Programs
The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for Mid-
Columbia Business Development are those programs selected for testing by the auditor using a risk-assessment model, as well as
certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped
into a cluster for testing purposes.
Basis of Accounting
The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are
recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded
when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported
using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded
when the related liability is incurred. 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.
Indirect Cost
The District uses the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
A summary of changes in the CDBG Klickitat Revolving Loan Fund are as follows: