Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the District and is presented on the same basis of accounting as described in Note 1 of the Notes to the Financial Statements. 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 the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
NOTE B - SUMMARY OF SIGNIFICANT 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 are limited as to reimbursement.
NOTE C - INDIRECT COST RATE
The District has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE D - SUBRECIPIENTS
Missoula Redevelopment Association was a subrecipient for National Infrastructure RAISE Grant MT-2023-002-001 and received $462,296 in subrecipient funds. No other subrecipients were used.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.