Notes to SEFA
Accounting Policies: The accompanying Schedule of expenditures of federal awards ("Schedule") includes federal grant activity of the Kentuckiana Regional Planning and Development Agency ("KIPDA") under programs of the federal government for the year ended June 30, 2022 and is presented on the accrual basis of accounting, however the pension expense is based on the contributions actually made and required to be made to the Plan for the year ended June 30, 2022 (exclusive of GASB 68 pension adjustment of ($110,222) and GASB 75 retiree insurance adjustment of ($35,775). The information in this Schedule is presented in accordance with 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 selected portion of the operations of KIPDA, it is not intended to and does not present the financial position, changes in position, or cash flows of KIPDA.
De Minimis Rate Used: N
Rate Explanation: Pursuant to a cost allocation plan prepared in accordance with Uniform Guidance, the indirect expenses are allocated based on salary and fringe benefits before GASB 68 pension adjustment of ($110,222) and GASB 75 retiree insurance expense adjustment of ($35,775). KIPDA has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.