Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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, Madison Region Economic Partnership Inc. and its Affiliate have elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying consolidated schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of Madison Region Economic Partnership Inc. and its Affiliate under programs of the federal and state 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 operations of Madison Region Economic Partnership Inc. and its Affiliate, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Madison Region Economic Partnership Inc. and its Affiliate.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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, Madison Region Economic Partnership Inc. and its Affiliate have elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual 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, Madison Region Economic Partnership Inc. and its Affiliate have elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.