Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. CODE OF FEDERAL REGULATIONS, PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: ACEDC HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE SCHEDULE INCLUDES THE FEDERAL AWARD ACTIVITY OF ADDISON COUNTY ECONOMIC DEVELOPMENT CORPORATION (ACEDC) UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2022. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE UNIFORM GUIDANCE. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF ACEDC, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS OR CASH FLOWS OF ADDISON COUNTY ECONOMIC DEVELOPMENT CORPORATION.
Title: LOAN PROGRAMS
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. CODE OF FEDERAL REGULATIONS, PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: ACEDC HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
INTERMEDIARY RELENDING PROGRAM (10.767) - THE LOAN PROGRAM IS ADMINISTERED BY ADDISON COUNTY ECONOMIC DEVELOPMENT CORPORATION, AND THE BALANCES AND TRANSACTIONS RELATING TO THESE LOAN PROGRAMS ARE INCLUDED IN ACEDC'S BASIC FINANCIAL STATEMENTS. LOANS OUTSTANDING AT THE BEGINNING OF THE YEAR, AND LOANS MADE DURING THE CURRENT YEAR, ARE INCLUDED IN THE SCHEDULE. THE BALANCES OF OUTSTANDING LOANS AT JUNE 30, 2022 TOTALED $703,371.