Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance) and the State of Texas Uniform Grant Management Standards (UGMS). Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. H-GAC has elected to use the negotiated indirect cost rate and not the 10% de minimus rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last sentence.
H-GAC for purposes of the schedule of expenditures of federal and state awards includes all funds of the primary government. Also included is the Gulf Coast Economic Development
Corporation, a discretely presented component unit of H-GAC.
Title: RECONCILIATION
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance) and the State of Texas Uniform Grant Management Standards (UGMS). Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. H-GAC has elected to use the negotiated indirect cost rate and not the 10% de minimus rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last sentence.
Adjustments necessary to reconcile expenditures reported on the supplementary schedule of expenditures of federal and state awards to the basic financial statements at year end
were as follows:
See SEFA notes for table/graph.
Title: CALCULATION OF FEDERAL AWARDS EXPENDED FOR EDA REVOLVING LOAN FUND
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance) and the State of Texas Uniform Grant Management Standards (UGMS). Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year. H-GAC has elected to use the negotiated indirect cost rate and not the 10% de minimus rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note 1, last sentence.
Expenditure of the EDA Revolving Loan Fund were calculated as follows:
See SEFA notes for table/graph.