Title: Note A - Purpose of Schedule
Accounting Policies: Reporting Entity The reporting entity is fully described in Note 1 to NEOEDD's statements. The SEFA includes all federal programs administered by the District for the year ended June 30, 2024. Basis of Presentation The accompanying Schedule includes the federal award activity of the District 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 Title2. 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Federal Financial Assistance Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Compliance Program Tested We have audited Northeast Oregon Economic Development District's compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on its Economic Adjustment Assistance program for the year ended June 30, 2024. Basis of Accounting The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded when the related liability is incurred. Insurance Coverage For fiscal year ended June 30, 2024, the District had insurance coverage in effect comparable to other entities of similar size and circumstance.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) is a supplementary schedule to Northeast Oregon Economic Development District's financial statements and is presented for purposes of additional analysis. Because the SEFA presents only a selected portion of the activities of NEOEDD, it is not intended to and does not present either the financial position, results of operations, or changes in fund balances/equity of the District.
Title: Note B - Significant Accounting Policies
Accounting Policies: Reporting Entity The reporting entity is fully described in Note 1 to NEOEDD's statements. The SEFA includes all federal programs administered by the District for the year ended June 30, 2024. Basis of Presentation The accompanying Schedule includes the federal award activity of the District 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 Title2. 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Federal Financial Assistance Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Compliance Program Tested We have audited Northeast Oregon Economic Development District's compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on its Economic Adjustment Assistance program for the year ended June 30, 2024. Basis of Accounting The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded when the related liability is incurred. Insurance Coverage For fiscal year ended June 30, 2024, the District had insurance coverage in effect comparable to other entities of similar size and circumstance.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
Reporting Entity The reporting entity is fully described in Note 1 to NEOEDD's statements. The SEFA includes all federal programs administered by the District for the year ended June 30, 2024. Basis of Presentation The accompanying Schedule includes the federal award activity of the District 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 Title2. 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Federal Financial Assistance Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Compliance Program Tested We have audited Northeast Oregon Economic Development District's compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on its Economic Adjustment Assistance program for the year ended June 30, 2024. Basis of Accounting The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded when the related liability is incurred. Insurance Coverage For fiscal year ended June 30, 2024, the District had insurance coverage in effect comparable to other entities of similar size and circumstance. Indirect Cost Rate The District has not elected to use the 10% de minimis indirect cost rate.
Title: Note C - EDA Economic Adjustment Assistance (CARES Recovery and Resiliency)
Accounting Policies: Reporting Entity The reporting entity is fully described in Note 1 to NEOEDD's statements. The SEFA includes all federal programs administered by the District for the year ended June 30, 2024. Basis of Presentation The accompanying Schedule includes the federal award activity of the District 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 Title2. 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Federal Financial Assistance Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Compliance Program Tested We have audited Northeast Oregon Economic Development District's compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on its Economic Adjustment Assistance program for the year ended June 30, 2024. Basis of Accounting The receipt and expenditure of federal awards are accounted for under the same basis of accounting as the fund in which they are recorded. Federal awards recorded in proprietary funds are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Federal awards recorded in governmental funds are reported using the modified accrual basis of accounting. Revenues are recognized when measurable and available. Expenditures are recorded when the related liability is incurred. Insurance Coverage For fiscal year ended June 30, 2024, the District had insurance coverage in effect comparable to other entities of similar size and circumstance.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
See the Notes to the SEFA for chart/table