Notes to SEFA
Title: 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/or OMB Circular A-87, Cost Principles for State,
Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pursuant to a cost allocation plan prepared in accordance with Uniform Guidance, the indirect expenses are allocated based
on salary and fringe benefits before GASB 68 pension adjustment of ($458,002) and GASB 75 retiree insurance expense
adjustment of $144,362. KIPDA has not elected to use the 10% de minimis indirect costs rate as allowed under the Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of
Kentuckiana Regional Planning and Development Agency (“KIPDA”) under programs of the federal government for the
year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulation 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 KIPDA,
it is not intended to and does not present the financial position, changes in net assets, or cash flows of KIPDA.