Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Costs
Maryland Rural Development Corporation has not elected to utilize the ten percent (10%)
de minimis cost rate, as provided under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Maryland Rural Development Corporation 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 (CFR) 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 Maryland Rural Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Maryland Rural Development Corporation.
Title: Note 4 – Reconciliation to Statements of Activities
Accounting Policies: Note 2 – Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Costs
Maryland Rural Development Corporation has not elected to utilize the ten percent (10%)
de minimis cost rate, as provided under Uniform Guidance.
The Schedule reports total Federal expenditures of $8,084,385 for 2023; this amount consists of the following as reflected within the Statements of Activities:
Federal Government Grants $7,643,268
In-Kind Contributions 441,117
Total Reported $8,084,385
Title: Note 5 – Sub-Recipients
Accounting Policies: Note 2 – Summary of Significant 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.
De Minimis Rate Used: N
Rate Explanation: Note 3 – Indirect Costs
Maryland Rural Development Corporation has not elected to utilize the ten percent (10%)
de minimis cost rate, as provided under Uniform Guidance.
The Organization did not provide any federal funding to sub-recipients during the year.