Notes to SEFA
Title: 1
Accounting Policies: UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS OF FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE ELECTED NOT TO USE THE 10 PERCENT DE MINIMUM COST RATE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Lawrence Economic Development Corporation, Inc. 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Lawrence Economic Development Corporation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lawrence Economic Development Corporation, Inc.
Title: 2
Accounting Policies: UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS OF FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE ELECTED NOT TO USE THE 10 PERCENT DE MINIMUM 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.
Title: 3
Accounting Policies: UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS OF FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE ELECTED NOT TO USE THE 10 PERCENT DE MINIMUM COST RATE
Lawrence Economic Development Corporation, Inc. has elected not to use the 10 percent de minimum cost rate allowed under the Uniform Guidance.
Title: 4
Accounting Policies: UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS OF FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE ELECTED NOT TO USE THE 10 PERCENT DE MINIMUM COST RATE
No awards were provided to sub recipients.