Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Accrual Accounting
De Minimis Rate Used: N
Rate Explanation: South Central Kansas Economic Development District, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of South Central Kansas Economic Development District, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 South Central Kansas Economic Development District, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of South Central Kansas Economic Development District, Inc.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Accrual Accounting
De Minimis Rate Used: N
Rate Explanation: South Central Kansas Economic Development District, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: 3. Indirect Cost Rate
Accounting Policies: Accrual Accounting
De Minimis Rate Used: N
Rate Explanation: South Central Kansas Economic Development District, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
South Central Kansas Economic Development District, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 4. Direct Loans
Accounting Policies: Accrual Accounting
De Minimis Rate Used: N
Rate Explanation: South Central Kansas Economic Development District, Inc. has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The following schedule summarizes the outstanding balance of direct loans as of June 30, 2023.