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 are limited as to reimbursement.
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 (the "Schedule") includes the federal rental assistance of Frederick Court Development Corporation 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 the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Frederick Court Development Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Frederick Court Development Corporation.The dollar threshold to distinguish Type A and Type B programs is determined to be $750,000. There were no awards received that were passed through to sub-recipients.
Title: FEDERAL AWARDS EXPENDED FOR LOAN OR LOAN GUARANTEE PROGRAMS
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Balances of loan and loan guarantee programs outstanding as of June 30, 2023 for loans described in 2 CFR section 200.502(b) areas follows were 2865000.