Notes to SEFA
Title: Basis of Presentation
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of
accounting.
De Minimis Rate Used: Y
Rate Explanation: The District utilizes the ten percent de minimis cost rate allowed by Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Region 9 Economic Development District of Southwest Colorado, Inc. under programs of the
federal government for the year ended September 30, 2023. The information in this Schedule is presented
in accordance with the requirements of Title 2 U.S. 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 Region 9 Economic Development District of Southwest
Colorado, Inc., it is not intended to and does not present the financial position, changes in net position, or
cash flows of Region 9 Economic Development District of Southwest Colorado, Inc.
Title: Basis of Accounting
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of
accounting.
De Minimis Rate Used: Y
Rate Explanation: The District utilizes the ten percent de minimis cost rate allowed by Uniform Guidance.
This accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Expenditures reported for the Economic
Development Association Revolving Loan Fund grant, ALN 11.307, are calculated according to formula.
Loan balances outstanding at the end of the year that were expended in prior years are included in this
calculation.
Title: Indirect Cost Rate
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of
accounting.
De Minimis Rate Used: Y
Rate Explanation: The District utilizes the ten percent de minimis cost rate allowed by Uniform Guidance.
The District utilizes the ten percent de minimis cost rate allowed by Uniform Guidance.
Title: U.S. Department of Commerce Federal Awards
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of
accounting.
De Minimis Rate Used: Y
Rate Explanation: The District utilizes the ten percent de minimis cost rate allowed by Uniform Guidance.
Amounts reported on the Schedule of Expenditures of Federal Awards for the U.S. Department of
Commerce Economic Development Association Revolving Loan Fund are calculated according to the
following program-required formula: (see table on page 58)
Title: Federal Awards Expended for Loan or Loan Guarantee Programs
Accounting Policies: This accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of
accounting.
De Minimis Rate Used: Y
Rate Explanation: The District utilizes the ten percent de minimis cost rate allowed by Uniform Guidance.
Balances of loans and loan guarantee programs outstanding as of September 30, 2023 for loans described
in 2 CFR section 200.502(b) are as follows: (see table on page 59)