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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Agency has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are allocated pursuant to an indirect allocation plan approved annually by the Department of Commerce. Therein, actual pooled indirect costs are distributed to programs on the basis of personnel costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northeast Mississippi Planning and Development District, Inc. 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 (CFR) 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 Agency, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Agency.
Title: Note 2 – Summary of Significant Accounting Policies
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Agency has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are allocated pursuant to an indirect allocation plan approved annually by the Department of Commerce. Therein, actual pooled indirect costs are distributed to programs on the basis of personnel costs.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Agency has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
Title: Note 3 – Calculation of EDA Cares RLF Federal Share
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Agency has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are allocated pursuant to an indirect allocation plan approved annually by the Department of Commerce. Therein, actual pooled indirect costs are distributed to programs on the basis of personnel costs.
The following represents the calculation of federal expenditures for the Economic Development Assistance Revolving Loan program for the year ending September 30, 2023. See the Notes to the SEFA for chart/table.
Title: Note 4 – Revolving Loan Funds
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Agency has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are allocated pursuant to an indirect allocation plan approved annually by the Department of Commerce. Therein, actual pooled indirect costs are distributed to programs on the basis of personnel costs.
Loans and related assets in NEMPDD’s revolving loan fund included the following aggregate balances for federal programs at September 30, 2023.See the Notes to the SEFA for chart/table.
Title: Note 5 – Defederalization of EDA Revolving Loan Fund
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Agency has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are allocated pursuant to an indirect allocation plan approved annually by the Department of Commerce. Therein, actual pooled indirect costs are distributed to programs on the basis of personnel costs.
During the prior year, the Economic Development Administration approved NMPDD’s application to defederalize its regular EDA Revolving Loan Fund. Subsequent to that approval, these funds are no longer subject to certain compliance requirements including those of 2 CFR part 200 (the Uniform Guidance) and are no longer included in the accompanying schedule. As part of its application, NMPDD has agreed to continue utilizing the funds within its RLF program consistent with the Public Works and Economic Development Act. These original EDA funds are separate and distinct from those secured through the EDA-Cares initiative that are identified in Notes 3 and 4 above .