Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
The accompanying schedule of expenditure of federal Awards (SEFA) includes the federal grant activity of the Lincoln Trail Area Development 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 2CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Subpart F - Audit Requirements. Therefore some amounts presented in this section may differ from amounts in or used in the preparation of the financial statements.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
Expenditures reported on the SEFA 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 3 - INDIRECT COST RATE
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
Lincoln Trail Area Development District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 4 - EDA CARES ACT - REVOLVING LOAN FUND
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
The District was awarded a CARES Act Revolving Loan Fund grant. The grant was awarded on July 24, 2020 for $550,000. $500,000 to be used for loans and $50,000 for administrative services. From July 1, 2023 through June 30, 2024, LTADD had no approved loans. Loan values, RLF cash balance, current year administrative expenses and loans written off, in lieu of expenditures, are used in determining major program status, and are as follows: See audit report for chart
Title: NOTE 5 - DATA UNIVERSAL NUMBERING SYSTEM (DUNS) NUMBER
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
The District is registered in Dun & Bradstreet's Data Universal Numbering System database under the name Lincoln Trail Area Development District. The DUNS number assigned to our organization is 07-102-3808.
Title: NOTE 6 - RECONCILIATION OF FEDERAL REVENUE TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
See audit report for chart
Title: NOTE 7 - SUB-RECIPIENTS
Accounting Policies: Note 2 describes accounting policies. Expenditures are reported on accrual basis. Expenditures are recognized following cost principles contained in Uniform Guidance.
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 mehodology as defined in Appendix VII, Part 200, Section F3.
Of the federal expenditures presented in the schedule, Lincoln Trail Area Development District provided federal awards to the following sub-recipients: See audit report for chart