Title: Loan/loan guarantee outstanding balances
Accounting Policies: Audit Note 1: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Lincoln Trail Area Development District under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of 2CRF Part 200 Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, Subpart F - Audit Requirements. Therefore some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. Audit Note 2: Expenditures reported on the SEFA 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: Audit Note 3: Lincoln Trail Area Development District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were $262,659. Audit Note 4: The District administers a Revolving Loan Fund. The federal grant award dated October 3, 1987 was $500,000. Loan values, RLF cash balance, current year administrative expenses and loans written off, in lieu of expenditures, are used in determining major program status. See the Notes to the SEFA for chart/table. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were $103,609. Audit Note 5: The District was awarded a CARES Act Revolving Loan Fund grant. The grant was award on July 24, 2020 for $550,000. $500,000 to be used for loans and $50,000 for administrative services. From July 2, 2021 though June 30, 2022, LTADD had no approved loans. Loan values, RLF cash balance, current year administrative expenses and loans written off, in lieu of expenditures, are used in determining major program status. See Notes to the SEFA for chart/table.
Title: Note 6: Data Universal Numbering System (DUNS) Number
Accounting Policies: Audit Note 1: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Lincoln Trail Area Development District under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of 2CRF Part 200 Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, Subpart F - Audit Requirements. Therefore some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. Audit Note 2: Expenditures reported on the SEFA 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: Audit Note 3: Lincoln Trail Area Development District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Audit Note 6: The District is registered in Dun & Bradstreet's Data Universal Numbering System database under the name Lincoln Trail Area Development District. The DUNS number assigned to our organization is 07-102-3808
Title: Note 7: Recon of Federal Rev. to Exp. of Federal Awards
Accounting Policies: Audit Note 1: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Lincoln Trail Area Development District under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of 2CRF Part 200 Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, Subpart F - Audit Requirements. Therefore some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. Audit Note 2: Expenditures reported on the SEFA 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: Audit Note 3: Lincoln Trail Area Development District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Audit Note 7: See the Notes to the SEFA for chart/table for Reconciliation of Federal Revenue to Schedule of Expenditure of Federal Awards
Title: Note 8: Sub-Recipients
Accounting Policies: Audit Note 1: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Lincoln Trail Area Development District under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of 2CRF Part 200 Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards, Subpart F - Audit Requirements. Therefore some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements. Audit Note 2: Expenditures reported on the SEFA 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: Audit Note 3: Lincoln Trail Area Development District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Audit Note 8: See the Notes to the SEFA for chart/table for Sub-Recipients.