Notes to SEFA
Title: Note 1 - General
Accounting Policies: Basis of Accounting = modified accrual basis
De Minimis Rate Used: N
Rate Explanation: Used a negotiated indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal assistance programs of the Northwest Georgia Regional Commission (Commission) for the fiscal year ended June 30, 2024. Federal assistance received directly from federal or state agencies, as well as federal financial assistance passed through state agencies, is included on the schedule and is presented in accordance with the requirements of Title 2 US. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Note 2 - Basis of Accounting
Accounting Policies: Basis of Accounting = modified accrual basis
De Minimis Rate Used: N
Rate Explanation: Used a negotiated indirect cost rate
The Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note I.C of the basic financial statements. The Commission did not use the I0% de-minirnis indirect cost rate during the year ended June 30, 2024.
Title: Note 3 - Non-Cash Awards
Accounting Policies: Basis of Accounting = modified accrual basis
De Minimis Rate Used: N
Rate Explanation: Used a negotiated indirect cost rate
The Commision did not have any non-cash awards during the fiscal year.
Title: Note 4 - Revolving Loan Fund
Accounting Policies: Basis of Accounting = modified accrual basis
De Minimis Rate Used: N
Rate Explanation: Used a negotiated indirect cost rate
During the year ended June 30, 2024, the Commission reported $273,568 in expenditures under the Economic Adjustment Assistance Program (Assistance Listing Number 11.307) accounted for in the Revolving Loan Fund - CARES. Such expenditures were calculated as follows:
See the Notes to the SEFA for table.