Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the federal grant activity for the McAllen Chamber of Commerce, Inc. (the Chamber) for the year ended September 30, 2022. The reporting entity is defined in Note A of the Chambers financial statements. The information in this SEFA 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). Because the SEFA presents only a selected portion of the operations of the Chamber, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Chamber. BASIS OF PRESENTATION: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note A of the Chambers financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported on the accompanying SEFA do not agree with the amount reported on the Statement of Activities because the amounts reported on the SEFA exclude other revenues unrelated to federal sources. See table below:Program revenue: Federal $ 2,542,002Program revenue: Other 1,422,540Total program revenue $ 3,964,542
Title: AMOUNTS PASSED THROUGH TO SUB-RECIPIENTS
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the federal grant activity for the McAllen Chamber of Commerce, Inc. (the Chamber) for the year ended September 30, 2022. The reporting entity is defined in Note A of the Chambers financial statements. The information in this SEFA 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). Because the SEFA presents only a selected portion of the operations of the Chamber, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Chamber. BASIS OF PRESENTATION: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note A of the Chambers financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No amounts were passed through to sub-recipients for the year ended September 30, 2022.
Title: FORGIVABLE LOANS
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the federal grant activity for the McAllen Chamber of Commerce, Inc. (the Chamber) for the year ended September 30, 2022. The reporting entity is defined in Note A of the Chambers financial statements. The information in this SEFA 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). Because the SEFA presents only a selected portion of the operations of the Chamber, it is not intended and does not present the financial position, changes in net assets, or cash flows of the Chamber. BASIS OF PRESENTATION: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note A of the Chambers financial statements. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Chamber administered a total of $2,542,002 in Coronavirus State and Local Fiscal Relief Fund support within the year ended September 30, 2022. Assistance was administered to qualifying small businesses in denominations of $10,000 (Tier I), $20,000 (Tier II) or $30,000 (Tier III). Tier II and Tier III assistance levels Included a portion that was considered to be a grant ($10,000), and the remaining portion was considered to be a forgivable loan, subject to ongoing compliance monitoring. Forgivable loan balances outstanding under Tier II and Tier III assistance levels totaled $480,043 and $99,974, respectively at September 30, 2022.