Audit 2292

Title: Basis Of Accounting Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Bi-State Development Agency of the Missouri-Illinois Metropolitan District (Bi-State Development). The information in the schedule of expenditures of federal awards 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 (Uniform Guidance). Therefore, some amounts presented in the schedule of expenditures of federal awards may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: N Rate Explanation: Bi-State Development has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, Section 414. Bi-State Development utilized a Cost Allocation Plan to calculate its indirect costs through June 30, 2023. Effective July 1, 2023, Bi-State Development utilizes an Indirect Cost Rate Plan (ICRP). Bi-State Development’s Cost Allocation Plan results in an indirect rate and direct fringe rate of 47.80% and 75.28%, respectively, to the extent allowable by federal programs. Bi-State Development’s ICRP results in an indirect rate and direct fringe rate of 53.70% and 70.20%, respectively, to the extent allowable by federal programs. The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting.