Notes to SEFA
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.
De Minimis Rate Used: N
Rate Explanation: Madison Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Madison Development Corporation 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 Madison Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Madison Development Corporation.
Title: NOTE 4—LOAN/LOAN GUARANTEE OUTSTANDING BALANCES
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.
De Minimis Rate Used: N
Rate Explanation: Madison Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Madison Development Corporation has received the federal loan programs listed below. The loans outstanding at the beginning of the year and current year draws are included in the federal expenditures presented in the Schedule. The balances of the loans outstanding at December 31, 2023 are: