Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented, where available.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Enterprise Center of Johnson County, Inc. and Subsidiaries (the entity) under programs of the federal government for the year ended December 31, 2023. All federal awards received directly from federal agencies, as well as those awards that are passed through other government agencies, are included in the schedule. 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 Schedules presents only a selected portion of the operations of the Entity, it is not intended to and does not present the financial position, changes in net position, or cash flows activity of the Entity.
Title: 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 cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented, where available.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented, where available.
Title: Indirect Cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented, where available.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The entity has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Title: Additional Audits
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented, where available.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Granter and regulatory agencies reserve the right to conduct additional audits of the Association's grant programs. Such audits may result in disallowed costs to the Association. However, management does not believe that such audits would result in any disallowed costs that would be material to the Association's financial position at December 31, 2023 and 2022