Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Bi-State Development has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, Section 414. Bi-State Development utilized a Cost Allocation Plan to calculate its indirect costs through June 30, 2023. Effective July 1, 2023, Bi-State Development utilizes an Indirect Cost Rate Plan (ICRP). Bi-State Development’s Cost Allocation Plan results in an indirect rate and direct fringe rate of 47.80% and 75.28%, respectively, to the extent allowable by federal programs. Bi-State Development’s ICRP results in an indirect rate and direct fringe rate of 53.70% and 70.20%, respectively, to the extent allowable by federal programs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bi-State Development 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 2 CFR 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 Bi-State Development, it is not intended to and does not present the financial position, changes in net position, or cash flows of Bi-State Development.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Bi-State Development has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, Section 414. Bi-State Development utilized a Cost Allocation Plan to calculate its indirect costs through June 30, 2023. Effective July 1, 2023, Bi-State Development utilizes an Indirect Cost Rate Plan (ICRP). Bi-State Development’s Cost Allocation Plan results in an indirect rate and direct fringe rate of 47.80% and 75.28%, respectively, to the extent allowable by federal programs. Bi-State Development’s ICRP results in an indirect rate and direct fringe rate of 53.70% and 70.20%, respectively, to the extent allowable by federal programs.
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.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Bi-State Development has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, Section 414. Bi-State Development utilized a Cost Allocation Plan to calculate its indirect costs through June 30, 2023. Effective July 1, 2023, Bi-State Development utilizes an Indirect Cost Rate Plan (ICRP). Bi-State Development’s Cost Allocation Plan results in an indirect rate and direct fringe rate of 47.80% and 75.28%, respectively, to the extent allowable by federal programs. Bi-State Development’s ICRP results in an indirect rate and direct fringe rate of 53.70% and 70.20%, respectively, to the extent allowable by federal programs.
Bi-State Development has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Bi-State Development’s Cost Allocation Plan results in an indirect rate and direct fringe rate of 56.18% and 78.05%, respectively, to the extent allowable by federal programs.