Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state awards programs of the Ark-Tex Council of Governments (the “Council”). The Council’s reporting entity is defined in Note 1 of the financial statements. Federal and state awards received directly from federal and state agencies, as well as awards passed through other government agencies, are included on the Schedule of Expenditures of Federal and State Awards.
De Minimis Rate Used: N
Rate Explanation: The COG has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
The Schedule of Expenditures of Federal and State Awards is presented using the modified accrual basis of
accounting. The modified accrual basis of accounting is described in Note 1 of the financial statements.
The information in this schedule is presented in accordance with the requirements of OMB Compliance Supplement and the Texas Grant Management Standards (“TXGMS”). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: CALCULATION OF FEDERAL AWARDS EXPENDED FOR EDA REVOLVING LOAN FUND
Accounting Policies: The Schedule of Expenditures of Federal and State Awards presents the activity of all applicable federal and state awards programs of the Ark-Tex Council of Governments (the “Council”). The Council’s reporting entity is defined in Note 1 of the financial statements. Federal and state awards received directly from federal and state agencies, as well as awards passed through other government agencies, are included on the Schedule of Expenditures of Federal and State Awards.
De Minimis Rate Used: N
Rate Explanation: The COG has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
Expenditures for the EDA Revolving Loan Fund were calculated in accordance with 2 CFR 200 §200.502(b) as follows:
Revolving Loan Fund - COVID-19 $ - 468,281 102,275
Value of new loans made during audit period
Beginning balance of existing RLF loans (9/30/2022)
Balance of undisbursed federal loan funds
Administrative cost allowance during the fiscal year -
Total EDA Revolving Loan Fund Expenditures 570,556
Federal Participation Rate 100.00%
Total Federal Share of EDA RLF Expenditures $ 570,556