Notes to SEFA
Title: Note 1—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 and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: UACDC did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2023.
The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) includes the federal and state grant activities of University Area Community Development Corporation, Inc. and Subsidiaries (“UACDC”). The information in the Schedule 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”); and the requirements of Section 215.97, Florida Statutes (Florida Single Audit Act); and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a select portion of the operations of UACDC, it is not intended to, and does not present the consolidated financial position, activities, functional expenses, or cash flows of UACDC. Some amounts presented in the schedule may differ from amounts presented or used in the preparation of the consolidated financial statements.
Title: Note 4—Loans
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 and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: UACDC did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2023.
UACDC has the following loan balances at September 30, 2023: See Notes to the SEFSA for Chart/Table.
Title: Note 5—Contingencies
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 and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: UACDC did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2023.
Expenditures incurred by UACDC are subject to audit and possible disallowance by federal and/or state grantor agencies. Management believes any adjustment for disallowed expenses would be immaterial, if audited.
Title: Note 6—Major program determination
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 and Chapter 10.650, Rules of the Auditor General, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: UACDC did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2023.
In accordance with Uniform Guidance, large loans are included in the base in considering Type A major programs and from the calculation the threshold used to determine Type A programs.