Audit 335392

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Niagara County Brownfield Development Corporation (NCBDC), an entity as defined in Note 1 to NCBDC’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the SEFA. Basis of Accounting NCBDC uses the accrual basis of accounting for each federal program, consistent with the financial statements. In accordance with the Uniform Guidance, expenditures for loan programs are calculated as outstanding loan balances at year end, for loans existing in the prior year with continuing compliance requirements, plus new loans issued during the year. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with NCBDC’s financial reporting system. Indirect Costs NCBDC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs NCBDC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Niagara County Brownfield Development Corporation (NCBDC), an entity as defined in Note 1 to NCBDC’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the SEFA. Basis of Accounting NCBDC uses the accrual basis of accounting for each federal program, consistent with the financial statements. In accordance with the Uniform Guidance, expenditures for loan programs are calculated as outstanding loan balances at year end, for loans existing in the prior year with continuing compliance requirements, plus new loans issued during the year. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with NCBDC’s financial reporting system. Indirect Costs NCBDC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.