Audit 303391

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Griffiss Local Development Corporation (GLDC), an entity as defined in Note 1 to GLDC’s consolidated financial statements, under programs of the federal government for the year ended December 31, 2023. 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). Because the Schedule presents only a selected portion of the operations of GLDC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of GLDC. Basis of Accounting 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. The amounts reported as federal expenditures were obtained from the financial records detail, which is the source of the consolidated financial statements. Cluster Programs The following programs are identified by “OMB Compliance Supplement” to be part of a cluster of programs: U.S. Department of Commerce Economic Development Cluster AL #11.300 Investments for Public Works and Economic Development Facilities AL #11.307 Economic Adjustment Assistance De Minimis Indirect Cost Rate GLDC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: De Minimis Indirect Cost Rate GLDC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance