Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared from the ALDL’s accounting records and is not intended to present financial position or results of operations. The financial transactions are recorded by the ALDL in accordance with the terms and conditions of the grants, which are consistent with generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: The ALDL did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Local Area Development Southeast and is presented on flow of current financial resources measurement focus and the modified accrual basis of accounting. The information in this 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). Therefore, some amounts presented in, or used in the preparation of, the general-purpose financial statements.
Title: Assistance Listing Number and Pass-Through Entity Identifying Number
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared from the ALDL’s accounting records and is not intended to present financial position or results of operations. The financial transactions are recorded by the ALDL in accordance with the terms and conditions of the grants, which are consistent with generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: The ALDL did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The Assistance Listing Number (ALN), formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all federal assistance award mechanisms, including federal grants and cooperative agreements. Assistance listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards. The Sam.gov assistance listing is the publicly available online database showing all available Federally funded programs. State or local government redistributions of federal awards to the ALDL, known as “pass–through awards”, should be treated by the ALDL as though they were received directly from the federal government. The Uniform Guidance requires the schedule to include the name of the pass–through entity and the identifying number assigned by the pass-through entity for the federal awards received as a sub recipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
Title: Major Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared from the ALDL’s accounting records and is not intended to present financial position or results of operations. The financial transactions are recorded by the ALDL in accordance with the terms and conditions of the grants, which are consistent with generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.
De Minimis Rate Used: N
Rate Explanation: The ALDL did not use the de minimis cost rate since all costs are charged directly to the federal awards.
Major programs are identified in the Summary of Auditors’ Results Section of the Schedule of Findings and Questioned Costs.