Notes to SEFA
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of Midcoast Regional Redevelopment Authority for the fiscal year ended June 30, 2023. The reporting entity is defined in the notes to the basic financial statements of Midcoast Regional Redevelopment Authority.
B. Basis of Presentation - The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance.
1. Pursuant to the Uniform Guidance, federal awards are 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.
2. Major Programs - The Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for Midcoast Regional Redevelopment Authority are identified in the summary of auditor’s results section in the schedule of findings and questioned costs.
C. Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in the Authority’s financial statements. The Schedule of Expenditures of Federal Awards does not include matching amounts that the Authority expends in connection with its federal programs.
De Minimis Rate Used: N
Rate Explanation: Midcoast Regional Redevelopment Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.