Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Region Five Development Commission has not elected to use the 10-percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Region Five Develpoment Commission under programs of the federal government for the year ended June 30, 2024. The information in the 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 select portion of the operations of Region Five Develpoment Commission, it is not intended to and does not present the financial position or changes in financial position of Region Five Develpoment Commission.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Region Five Development Commission has not elected to use the 10-percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did through pass any federal funds to subrecipients during the year ended June 30, 2024.
Title: Pass-Through Identifier
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Region Five Development Commission has not elected to use the 10-percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The Commission's pass-through identifying number is AM22RFBCMN0006
Title: Federal Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: Region Five Development Commission has not elected to use the 10-percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by North Central Economic Development Association,
Inc., the component unit. Balances and transactions relating to this program are included in the Commission's basic financial
statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal
expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consist of: $0