Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: Y
Rate Explanation: During the year, MR elected to use the de minimus cost rate charged at 10% of modified total direct costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
Title: NOTE 2 – PROGRAM COSTS/MATCHING CONTRIBUTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: Y
Rate Explanation: During the year, MR elected to use the de minimus cost rate charged at 10% of modified total direct costs.
Expenditures represent only the federally funded portions of the programs. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: NOTE 3 – NON-CASH AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: Y
Rate Explanation: During the year, MR elected to use the de minimus cost rate charged at 10% of modified total direct costs.
There were no non-cash awards used during the year.
Title: NOTE 4 – LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: Y
Rate Explanation: During the year, MR elected to use the de minimus cost rate charged at 10% of modified total direct costs.
MR has an outstanding loan agreement with U.S. Small Business Administration (SBA) for a working capital loan, Economic Injury Disaster Loan, in the amount of $150,000. The loan is used for working capital in compliance with guidelines set forth by SBA. The balance outstanding as of June 30, 2021, is $153,096. (See Notes to Financial Statements – Note 8)
Title: NOTE 4 – LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: Y
Rate Explanation: During the year, MR elected to use the de minimus cost rate charged at 10% of modified total direct costs.
MR has an agreement with First American Bank for a working capital loan administered by U.S. Small Business Administration (SBA) for its Paycheck Protection Program (PPP), in the amount of $160,000. The loan is used for operating expenditures in compliance with guidelines set forth by SBA. If MR complies with the requirements of loan forgiveness, the note can be forgiven by the SBA prior to maturity. As of June 30, 2021, grant income is recognized in the amount of $115,007. (See Notes to Financial Statements – Note 7, 8, 13)
Title: NOTE 5 – FEDERAL INDIRECT RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Renaissance (MR), an Illinois Not-For-Profit Corporation, and is presented on the accrual basis of accounting which is the same basis of accounting used to prepare the MR’s financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. The MR’s records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: Y
Rate Explanation: During the year, MR elected to use the de minimus cost rate charged at 10% of modified total direct costs.
During the year, MR did not use a federal indirect cost rate.