Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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 limited as
De Minimis Rate Used: N
Rate Explanation: Upper Cumberland Development District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal and state awards includes the federal and state grant activity for the Upper Cumberland Development District (UCDD) and is presented on the accrual basis of accounting. The information in this schedule is presented
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 limited as
De Minimis Rate Used: N
Rate Explanation: Upper Cumberland Development District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 limite
Title: SUBRECIPIENTS
Accounting Policies: 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 limited as
De Minimis Rate Used: N
Rate Explanation: Upper Cumberland Development District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal and state expenditures presented in the schedule, the District provided federal and state awards of $2,479,405 to subrecipients.
Title: EDA REVOLVING LOAN FUND
Accounting Policies: 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 limited as
De Minimis Rate Used: N
Rate Explanation: Upper Cumberland Development District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Economic Development Administration Revolving Loan Fund presented as a loan program in the Schedule of Expenditures of Federal Awards for the year ending June 30, 2024, totaled $5,332,277.