Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The financial statements are presented on the accrual basis whereby revenues are recognized when earned and expenses when incurred, regardless of the timing of related cash flows. The Authority categorizes all revenues as operating revenues with the exception of investment earnings. As of December 31, 2023, the BCIDA has 64 loans outstanding with interest rates ranging from 2.00% to 4.75% due in various amounts through 2039. The various loan programs of the Authority are described in Note C of Bucks County Industrial Development Authority’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Bucks County Industrial Development Authority under programs of the federal government for the year ended December 31, 2023. 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 Schedule presents only a selected portion of the operation of Bucks County Industrial Development Authority, it is not intended to and does not present the financial position, change in net position, or cash flows of Bucks County Industrial Development Authority.
Title: Calculation of Revolving Loan Funds
Accounting Policies: The financial statements are presented on the accrual basis whereby revenues are recognized when earned and expenses when incurred, regardless of the timing of related cash flows. The Authority categorizes all revenues as operating revenues with the exception of investment earnings. As of December 31, 2023, the BCIDA has 64 loans outstanding with interest rates ranging from 2.00% to 4.75% due in various amounts through 2039. The various loan programs of the Authority are described in Note C of Bucks County Industrial Development Authority’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
See Financial Statement upload for table
Title: Nature of Activities and Summary of Significant Accounting Policies
Accounting Policies: The financial statements are presented on the accrual basis whereby revenues are recognized when earned and expenses when incurred, regardless of the timing of related cash flows. The Authority categorizes all revenues as operating revenues with the exception of investment earnings. As of December 31, 2023, the BCIDA has 64 loans outstanding with interest rates ranging from 2.00% to 4.75% due in various amounts through 2039. The various loan programs of the Authority are described in Note C of Bucks County Industrial Development Authority’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
Bucks County Industrial Development Authority the reporting entity for financial reporting purposes as defined in Note A of Bucks County Industrial Development Authority’s financial statements.