Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Ashtabula County 503 Corporation under the 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. 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 the Company, it is not intended to and does not present the financial position, change in net assets and cash flows of Ashtabula County 503 Corporation.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate
The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate
The Ashtabula County 503 Corporation has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 – Federal revolving loan funds and loans outstanding
Accounting Policies: The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate
Federal activity from the U.S. Department of Agriculture Intermediate Relending Program (CFDA #10.767) represents revolving loan fund balances loaned to third parties, cash, investment balances and administrative expenses paid in the revolving loan fund at year-end as required by the compliance supplement. The loans outstanding at September 30, 2023 are $409,110. The calculation on the Schedule of Expenditures of Federal Awards is as follows:
Title: Note 4 – Federal revolving loan funds and loans outstanding
Accounting Policies: The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate
Federal activity from the U.S. Department of Agriculture Rural Business Enterprise Program (CFDA #10.769) represents revolving loan fund balances loaned to third parties, cash, investment balances and administrative expenses paid in the revolving loan fund at year-end as required by the compliance supplement. The loans outstanding at September 30, 2023 are $117,788. The calculation on the Schedule of Expenditures of Federal Awards is as follows:
Title: Note 4 – Federal revolving loan funds and loans outstanding
Accounting Policies: The accompanying schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate
Federal activity from the U.S. Department of Commerce Economic Development Administration Program (CFDA #11.307) represents revolving loan fund balances loaned to third parties, cash, investment balances and administrative expenses paid in the revolving loan fund at year-end as required by the compliance supplement. The loans outstanding at September 30, 2023 are $1,687,194. The calculation on the Schedule of Expenditures of Federal Awards is as follows: