Notes to SEFA
Title: NOTE 3 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent 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 Lewis and Clark Regional Development Council under programs of the federal government for the year ended September 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 Lewis and Clark Regional Development Council, it is not intended to and does not present the financial position or change in net position of the Lewis and Clark Regional Development Council.
Title: NOTE 4 INTERMEDIARY RELENDING PROGRAM
Accounting Policies: Expenditures reported in 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Council manages the Intermediary Relending Program (USDA). The beginning balance of the outstanding loans for the current year are also included in the federal expenditures presented in the schedule due to ongoing compliance requirements.
See the Notes to the SEFA for chart/table
Title: NOTE 5 REVOLVING LOAN FUND (EDA)
Accounting Policies: Expenditures reported in 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Council manages the Revolving Loan Fund (EDA). The following is the calculation of the federal expenditures for the Revolving Loan Fund:
See the Notes to the SEFA for chart/table
Title: NOTE 6 RECONCILIATION OF SEFA SCHEDULE TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported in 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following schedule ties the total amount of federal awards as stated on the SEFA schedule to the financial statements:
See the Notes to the SEFA for chart/table