Audit 292825

Title: LOANS Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activities of Sunshine State Economic Development Corporation. 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). Because the schedule presents only a selected portion of the operations of SEDCO, it is not intended to and does not present the statements of financial position, activities, functional expenses or cash flows of SEDCO. Some amounts presented in the schedule may differ from amounts presented or used in the preparation of the financial statements. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. See the Notes to the SEFA for chart/table.