Title: NOTE 1 REPORTING ENTITY
Accounting Policies: REPORTING ENTITY
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by East Central Regional Development Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the financial statements.
BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2022. 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) from the Office of Management and Budget (OMB). 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 position, or cash flows of the Commission.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported on the modified 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, for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by East Central Regional Development Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the financial statements.
Title: NOTE 2 BASIS OF PRESENTATION
Accounting Policies: REPORTING ENTITY
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by East Central Regional Development Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the financial statements.
BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2022. 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) from the Office of Management and Budget (OMB). 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 position, or cash flows of the Commission.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported on the modified 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, for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2022. 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) from the Office of Management and Budget (OMB). 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 position, or cash flows of the Commission.
Title: NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: REPORTING ENTITY
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by East Central Regional Development Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the financial statements.
BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2022. 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) from the Office of Management and Budget (OMB). 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 position, or cash flows of the Commission.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported on the modified 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, for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the modified 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, for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 RECONCILIATION OF REVOLVING LOAN FUNDS REPORTED
Accounting Policies: REPORTING ENTITY
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by East Central Regional Development Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the financial statements.
BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Commission under programs of the federal government for the year ended June 30, 2022. 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) from the Office of Management and Budget (OMB). 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 position, or cash flows of the Commission.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported on the modified 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, for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
For purposes of completing the Schedule of Expenditures of Federal Awards (SEFA), each EDA RLF grant (CFDA 11.307) must be shown as a separate line item calculated as follows: 1. Balance of RLF principal outstanding on loans at the end of the recipient's fiscal year, plus $481,111 2. Cash and investment balance in the RLF at the end of the recipient's fiscal year, plus $19,172 3. Administrative expenses paid out of RLF income during the recipient's fiscal year, plus $33,350 4. The unpaid principal of all loans written off during the recipient's fiscal year. $0 5. Multiply this sum (1+2+3+4) by the federal share of the RLF. The federal share is defined as the federal participation rate (or the federal grant rate) as specified in the grant award. 100% Total Expenditures of 11.307 COVID-19 Economic Adjustment Assistance $533,633