Title: NOTE A - 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Great Northern Development Corporation has elected not to use the 10% 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 Great Northern Development Corporation under programs of the federal government
for the year ended June 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 Great Northern
Development Corporation, it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Great Northern Development Corporation.
Title: NOTE B—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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Great Northern Development Corporation has elected not to use the 10% 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 limited as to reimbursement.
Title: NOTE C - INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: Great Northern Development Corporation has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Great Northern Development Corporation has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: NOTE D - 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Great Northern Development Corporation has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Great Northern Development Corporation passed through $213,600 to subrecipients under the
Brownfields Petroleum program ALN 66.818.
Title: NOTE D - FEDERAL LOAN PROGRAM BALANCES
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.
De Minimis Rate Used: N
Rate Explanation: Great Northern Development Corporation has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
Great Northern Development Corporation had loans receivable at June 30, 2024 of $711,926 Meat and
Poultry Intermediary Lending Program ALN 10.382, $1,152,611 Intermediary Relending Program
ALN 10.767, $27,778 Rural Micro Entrepreneur Assistance Program ALN 10.870, $526,158 CDFI
Rapid Response Program ALN 21.024, and $366,930 Brownfields Petroleum RLF ALN 66.818.