Notes to SEFA
Title: 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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Pikes Peak Regional Development Corporation has elected not to use the 10 percent 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 Pikes Peak Regional Development Corporation under programs of the federal government for the
year ended September 30, 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 Pikes Peak Regional Development Corporation, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Pikes Peak
Regional Development Corporation.
Title: NON-CASH ASSISTANCE
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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Pikes Peak Regional Development Corporation has elected not to use the 10 percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The $91,050,800 of loans guarantees from the Small Business Administration is a form of non-cash
assistance.
assistance.
Title: LOAN GUARANTEES OUTSTANDING
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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Pikes Peak Regional Development Corporation has elected not to use the 10 percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The outstanding balance of Small Business Administration loan guarantees in the Organization’s servicing
portfolio was $90,927,765 at September 30, 2024.