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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Cumberland Area Investment Corporation 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 Cumberland Area Investment Corporation. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Cumberland Area Investment Corporation 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 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 limited as to reimbursement. Cumberland Area Investment Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: US DEPARTMENT OF AGRICULTURE INTERMEDIARY RELENDING 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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Cumberland Area Investment Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
umberland Area Investment Corporation has received direct loans under the U.S. Department of Agriculture Intermediary Relending Program. The loan balance outstanding at the beginning of the year is included in the outstanding loans/capital advance column presented in the Schedule of Expenditures of Federal Awards. The balance of loans outstanding at June 30, 2023, totaled $1,007,997.
Title: US DEPARTMENT OF AGRICULTURE RURAL BUSINESS ENTERPRISE GRANT
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 limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Cumberland Area Investment Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
On September 16, 1993, the Cumberland Area Investment Corporation received a capital advance under the U.S. Department of Agriculture Rural Business Enterprise Grant Program. The capital advance outstanding at the beginning of the year is included in the outstanding loans/capital advance column presented in the Schedule of Expenditures of Federal Awards. The Corporation received no additional advances under this program during the year. The balance of the capital advance at June 30, 2023, totaled $100,000.