Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available. Negative amounts shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan Methodology as defined in Appendix VII, Part 200, Section F3.
The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal grant activity of Purchase Area Development District (the "District") 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 (CFR) Part 200, Uniforma 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 posistion or cash flows of the District.
Title: Note 4: Loan Balances (Loan Receivables)
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available. Negative amounts shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan Methodology as defined in Appendix VII, Part 200, Section F3.
The balance of loans receivable outstanding at June 30, 2024 was $2,025,946, Federal Assistance Listing No. 11.307, Revolving loan fund (RLF CARES). The balane of loan receivable outstnading at June 30, 2024 was $1,988,374, Federal Assistance Listing No. 11.307, Revolving loan fund (RLF ARPA). The balance of loans receivable outstanding at June 30, 2024 was $532,290, Federal Assistance Listing No. 10.767, Intermediary Relending Program.
Title: Note 5: Contingencies
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available. Negative amounts shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan Methodology as defined in Appendix VII, Part 200, Section F3.
Grant Monies received and disbursed by the District are for specific purposes and are subject to review by grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the District does not believe that such disallowance, if any, would have a material effect on the financial position of the District.
Title: Note 6: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available. Negative amounts shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years. Nonmonetary assistance is reported in the schedule at fair value of goods received.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan Methodology as defined in Appendix VII, Part 200, Section F3.
The District did provide federal funds to subrecipients for the fiscal year June 30, 2024 as noted in the accompanying Schedule of Expenditures of Federal Awards.