Notes to SEFA
Accounting Policies: NOTE 1 SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activityof Economic Development Growth Enterprises Corporation (EDGE), an entity as defined in Note 1 to EDGEsconsolidated financial statements, under programs of the federal government for the year ended December 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of EDGE, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of EDGE.Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance wherein certain types of expendituresare not allowable or are limited as to reimbursement. The amounts reported as federal expenditures were obtainedfrom the financial records detail, which is the source of the consolidated financial statements.Use of SubrecipientsThere were no awards passed through to subrecipients as indicated on the Schedule.De Minimis Indirect Cost RateEDGE has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.