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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Lake County Community Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lake County Community Development Corporation 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Lake County Community Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lake County Community Development Corporation.
Title: NOTE D - SUBRECIPIENTS
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: Lake County Community Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lake County Community Development Corporation did have subrecipients for the current period as indicated in the Schedule for the Regional Food Systems Partnerships grant (ALN 10.177) and the RCDI Partnership Planning grant (ALN 10.446). A total of $221,160 was disbursed to contracted subrecipients.
Title: NOTE E - EDA RLF EXPENDITURES
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: Lake County Community Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures for the Economic Development Administration RLF were calculated as follows for the year ending June 30, 2024:Federal expenditures for the Economic Development Administration RLF were calculated as follows for the year ending June 30, 2024:
Award #05-79-06074
2024
EDA RLF loans receivable at June 30, 2024
$343,171
EDA RLF cash balance at June 30, 2024
98,968
Administrative expenses paid from EDA RLF income for the year ending June 30, 2024
20,467
Total
462,606
Multiplied by federal grant rate
80%
Total Award #05-79-06074
$370,085