Title: Note A - Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal, State and City Awards presents the activities of all the federal, state and city financial assistance programs of Philadelphia Authority for Industrial Development (PAID) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Commonwealth of Pennsylvania and the City of Philadelphia guidelines. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: PAID has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance for Federal awards.
Basis of Presentation - The accompanying Schedule of Expenditures of Federal, State and City Awards presents the activities of all the federal, state and city financial assistance programs of Philadelphia Authority for Industrial Development (PAID) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Commonwealth of Pennsylvania and the City of Philadelphia guidelines. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: Note B - Davis-Bacon Act Compliance
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal, State and City Awards presents the activities of all the federal, state and city financial assistance programs of Philadelphia Authority for Industrial Development (PAID) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Commonwealth of Pennsylvania and the City of Philadelphia guidelines. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: PAID has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance for Federal awards.
Where Community Economic Adjustment Planning Assistance (Community Planning Assistance) funds are used to assist in financing construction projects, the grant agreements require that loan recipients adhere to applicable federal labor standards established by the Davis-Bacon Act. On July 1, 1984, the City established a monitoring system with respect to such costs. PAID is required to inform the City of any projects that are subject to compliance with the Davis-Bacon Act through the Office of Labor Standards. The Office of Labor Standards requests the necessary records from the loan recipient to determine if the loan recipient is in compliance with the Davis-Bacon Act. Upon receipt of written approval from the Office of Labor Standards, PAID makes the final disbursement of the grant funds. This procedure is in accordance with a letter dated September 26, 1984 from the Department of Commerce of the City, which represents that PAID is not responsible for monitoring compliance with the provisions of the Davis-Bacon Act. Monitoring is the responsibility of the City of Philadelphia Department of Commerce.
Title: Note C - Economic Conversion Fund Eligibility
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal, State and City Awards presents the activities of all the federal, state and city financial assistance programs of Philadelphia Authority for Industrial Development (PAID) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Commonwealth of Pennsylvania and the City of Philadelphia guidelines. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: PAID has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance for Federal awards.
In order to be eligible for a loan under the Economic Conversion Fund (ECF) program, a borrower must use the proceeds of the loan for a project located at The Navy Yard.
Title: Note D – Indirect Cost Rate
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal, State and City Awards presents the activities of all the federal, state and city financial assistance programs of Philadelphia Authority for Industrial Development (PAID) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Commonwealth of Pennsylvania and the City of Philadelphia guidelines. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: PAID has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance for Federal awards.
PAID has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance for Federal awards.
Title: Note E – Sub-recipient Award
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal, State and City Awards presents the activities of all the federal, state and city financial assistance programs of Philadelphia Authority for Industrial Development (PAID) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CRF) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the Commonwealth of Pennsylvania and the City of Philadelphia guidelines. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: PAID has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance for Federal awards.
No Federal awards were passed through to subrecipients.