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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance. The Commission negotiates an indirect cost rate agreement annually with its cognizant agency, the US Department of Commerce. The Commission charges all programs (federal, state, and local) actual indirect costs not to exceed its negotiated indirect costs rate. The methodology for allocable indirect costs is reasonable and in accordance with Uniform Guidance regarding applicable federal agencies.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Commission under programs of the federal government. The information in this Schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position or changes in net assets of the Commission. The accompanying schedule of expenditures of federal awards present the activity of all federal award programs of Meramec Regional Planning Commission for the fiscal year ended June 30, 2023. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies (or Region I Jurisdictions), are included on the schedule.
Title: Note 2 -- Summary of Significant Accounting Policies
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance. The Commission negotiates an indirect cost rate agreement annually with its cognizant agency, the US Department of Commerce. The Commission charges all programs (federal, state, and local) actual indirect costs not to exceed its negotiated indirect costs rate. The methodology for allocable indirect costs is reasonable and in accordance with Uniform Guidance regarding applicable federal agencies.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
Title: Note 3 -- Indirect Cost Rate
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance. The Commission negotiates an indirect cost rate agreement annually with its cognizant agency, the US Department of Commerce. The Commission charges all programs (federal, state, and local) actual indirect costs not to exceed its negotiated indirect costs rate. The methodology for allocable indirect costs is reasonable and in accordance with Uniform Guidance regarding applicable federal agencies.
The Commission has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance. The Commission negotiates an indirect cost rate agreement annually with its cognizant agency, the US Department of commerce. The Commission charges all programs (federal, state, and local) actual indirect costs not to exceed its negotiated indirect costs rate. The methodology for allocable indirect costs is reasonable and in accordance with Uniform Guidance regarding applicable federal agencies.
Title: Note 4 -- Subrecipients
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance. The Commission negotiates an indirect cost rate agreement annually with its cognizant agency, the US Department of Commerce. The Commission charges all programs (federal, state, and local) actual indirect costs not to exceed its negotiated indirect costs rate. The methodology for allocable indirect costs is reasonable and in accordance with Uniform Guidance regarding applicable federal agencies.
The Commission awarded grants totaling $26,663 to various Region I Jurisdictions as subrecipients during the year ended June 30, 2023.
Title: Note 5 -- Outstanding 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance. The Commission negotiates an indirect cost rate agreement annually with its cognizant agency, the US Department of Commerce. The Commission charges all programs (federal, state, and local) actual indirect costs not to exceed its negotiated indirect costs rate. The methodology for allocable indirect costs is reasonable and in accordance with Uniform Guidance regarding applicable federal agencies.
The balances of the RLF loans receivable are included in the Economic Adjustment Assistance federal expenditure amount $1,379,135 stated above. The loan balances as of June 30, 2023 were $1,376,566.