Title: 1. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles, except that reported Federal expenditures include loans issued under the loan program and loan guarantees, which are capitalized as assets and liabilities, respectively, and not reported as expenses in the financial statements. The information included in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations. Some amounts may differ from amounts presented in, or used in the preparation of, the basic financial statements. Reported Federal expenditures include only expenditures paid with Federal funds or reportable program income.
De Minimis Rate Used: N
Rate Explanation: Montana West Economic Development has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Montana West Economic Development 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 operations of Montana West Economic Development, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Montana West Economic Development.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles, except that reported Federal expenditures include loans issued under the loan program and loan guarantees, which are capitalized as assets and liabilities, respectively, and not reported as expenses in the financial statements. The information included in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations. Some amounts may differ from amounts presented in, or used in the preparation of, the basic financial statements. Reported Federal expenditures include only expenditures paid with Federal funds or reportable program income.
De Minimis Rate Used: N
Rate Explanation: Montana West Economic Development has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles, except that reported Federal expenditures include loans issued under the loan program and loan guarantees, which are capitalized as assets and liabilities, respectively, and not reported as expenses in the financial statements. The information included in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations. Some amounts may differ from amounts presented in, or used in the preparation of, the basic financial statements. Reported Federal expenditures include only expenditures paid with Federal funds or reportable program income.
Title: 3. INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles, except that reported Federal expenditures include loans issued under the loan program and loan guarantees, which are capitalized as assets and liabilities, respectively, and not reported as expenses in the financial statements. The information included in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations. Some amounts may differ from amounts presented in, or used in the preparation of, the basic financial statements. Reported Federal expenditures include only expenditures paid with Federal funds or reportable program income.
De Minimis Rate Used: N
Rate Explanation: Montana West Economic Development has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Montana West Economic Development has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 4. SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles, except that reported Federal expenditures include loans issued under the loan program and loan guarantees, which are capitalized as assets and liabilities, respectively, and not reported as expenses in the financial statements. The information included in this schedule is presented in accordance with the requirements of the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations. Some amounts may differ from amounts presented in, or used in the preparation of, the basic financial statements. Reported Federal expenditures include only expenditures paid with Federal funds or reportable program income.
De Minimis Rate Used: N
Rate Explanation: Montana West Economic Development has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Montana West Economic Development did not provide awards to subrecipients during the year ended December 31, 2023.