Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the County of Chautauqua Industrial Development Agency and is presented on the 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 Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the County of Chautauqua Industrial Development Agency and is presented on the 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 Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Title: Note 2 - Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the County of Chautauqua Industrial Development Agency and is presented on the 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 Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year.
The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year.
Title: Note 3 - EDA RLF Expenditure Calculation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the County of Chautauqua Industrial Development Agency and is presented on the 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 Adminstrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year.
The federal expenditures for the Economic Development Administration (the "EDA") Economic Adjustment Assistance Revolving Loan Fund (the "RLF") for the year ended December 31, 2023 are calculated as follows: Outstanding loans receivable as of December 31, 2023 $ 9 ,159,471. Cash as of December 31, 2023 1,294,130. Administrative expenses for the year ended December 31, 2023 117,186. Loan losses for the year ended December 31, 2023 456,000. Total EDA RLF expenditures $ 11,026,787