Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures related to loan programs are accounted for on the accrual basis of accounting. All other expenditures on the Schedule are reported on the cash 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. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activitiy of the New River Gorge Regional Development Authority under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the provisions 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 Authority, it is not included to and does not present the financial position, changes in financial position of the Authority in accordance with accounting principles generally accepted in the United States of America
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures related to loan programs are accounted for on the accrual basis of accounting. All other expenditures on the Schedule are reported on the cash 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. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate
Expenditures related to loan programs are accounted for on the accrual basis of accounting. All other expenditures on the Schedule are reported on the cash 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. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loans Outstanding
Accounting Policies: Expenditures related to loan programs are accounted for on the accrual basis of accounting. All other expenditures on the Schedule are reported on the cash 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. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate
The Appalachian Regional Commission loan program listed subsequently nare administered directly by New River Gorge Regional Development Authority, and balances and transactions relating to these programs are included in the Authority's basic financial statements. Loans Outstanding at the beginning of the year, loans made during the year, and interest received on the loans (program income) are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023 consists of: