Title: FEDERAL LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: Kenosha Area Business Alliance, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, unless indirect costs are otherwise limited by the terms of the grant agreement.
The federal loan program listed subsequently is administered directly by Kenosha Area Business Alliance, Inc., and the balances and transactions relating to this program are included in Kenosha Area Business Alliance, Inc.‘s basic financial statements. Loans outstanding at the beginning of the year with continuing compliance requirements and loans made during the year are included in the federal expenditures presented in the Schedule. Federal expenditures for the Economic Adjustment Assistance program are calculated as prescribed by regulations and the calculation is noted subsequently in Note 5. The balance of the loan outstanding at December 31, 2023 consists of: EDA Legacy - Economic Adjustment Assistance (11.307) - Outstanding balance at December 31, 2023 were $1,814,032 EDA CARES - Economic Adjustment Assistance (11.307) - Outstanding balance at December 31, 2023 were $2,528,037.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: Kenosha Area Business Alliance, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, unless indirect costs are otherwise limited by the terms of the grant agreement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kenosha Area Business Alliance, Inc. under programs of the federal government for the year ended December 31, 2023. 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 Kenosha Area Business Alliance, Inc., it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Kenosha Area Business Alliance, Inc.
Title: ECONOMIC ADJUSTMENT ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Nonprofit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: Kenosha Area Business Alliance, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, unless indirect costs are otherwise limited by the terms of the grant agreement.
The amount reported as federal expenditures in the Schedule for the Economic Adjustment Assistance program was calculated as follows: EDA Legacy: EDA Notes Receivable at December 31, 2023 $1,814,032 EDA Cash and Investments at December 31, 2023 1,870,523 Expenditures for Loan Program 118,000 Total 3,802,285 Federal Percentage 75% Federal Expenditures $2,851,714. EDA CARES: EDA Notes Receivable at December 31, 2023 $2,528,037 EDA Cash and Investments at December 31, 2023 1,221,908 Expenditures for Loan Program 89,000 Total 3,838,945 Federal Percentage 75% Federal Expenditures $2,879,209 Total EDA Notes Receivable at December 31, 2023 $4,342,069 EDA Cash and Investments at December 31, 2023 3,092,161 Expenditures for Loan Program 207,000 Total7,641,230 Federal Percentage 75% Federal Expenditures $5,730,923