Notes to SEFA
Title: Other
Accounting Policies: The accompanying schedule of federal awards (the “Schedule”) includes federal grant activity of Anacostia Business Improvement District Corporation (“ABID”) 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 ABID, it is not intended to and does not present the financial position, changes in net assets or cash flows of ABID.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: ABID has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Total federal expenditures of $793,630 is comprised of program expenses of $646,570 on the statement of activities for December 31, 2023 and $147,060 for two vehicles, purchased in compliance with the grant agreement for shuttle purposes, which were capitalized in ABID’s financial statements as of December 31, 2023.
Title: Commitments and Contingencies
Accounting Policies: The accompanying schedule of federal awards (the “Schedule”) includes federal grant activity of Anacostia Business Improvement District Corporation (“ABID”) 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 ABID, it is not intended to and does not present the financial position, changes in net assets or cash flows of ABID.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: ABID has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Federal grants received by ABID are subject to review and audit by grantor agencies. ABID’s management believes that the results of such audits will not have a material effect on the Schedule.