Notes to SEFA
Title: NOTE A - 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 and OMB Circular A-122, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: Cape & Islands Community Development Incorporated has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance. There are no cost reimbursement contracts.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Cape & Islands Community Development Incorporated under programs of the federal government for the year ended June 30, 2024. 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 Cape & Islands Community Development Incorporated it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cape & Islands Community Development Incorporated.Type A programs are determined to be the larger of $750,000 or three (3) percent of total federal awards expended if total awards exceed $750,000. There were no awards received that were passed through to sub recipients.
Title: NOTE D - FEDERAL AWARDS EXPENDED FOR LOAN OR LOAN GUARANTEE PROGRAMS
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 and OMB Circular A-122, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: Cape & Islands Community Development Incorporated has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance. There are no cost reimbursement contracts.
Balances of loans and loan guarantee programs outstanding as of June 30, 2024 for loans described in 2 CFR section 200.502(b) are as follows: $ 4,604,688