Title: Note 1: Basis of Presentation
Accounting Policies: Basis of Presentation:
The accompanying schedule of expenditures of Federal awards (the "Schedule") includes the Federal award activity of the Kanawha County Regional Development Authority (the "Authority"), under programs of the federal government for the year ended June 30, 2024 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 the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the "Schedule") includes the Federal award activity of the Kanawha County Regional Development Authority (the "Authority"), under programs of the federal government for the year ended June 30, 2024 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 the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation:
The accompanying schedule of expenditures of Federal awards (the "Schedule") includes the Federal award activity of the Kanawha County Regional Development Authority (the "Authority"), under programs of the federal government for the year ended June 30, 2024 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 the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule 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 allowed or are limited as to reimbursement.
Title: Note 3: Indirect Cost Rate
Accounting Policies: Basis of Presentation:
The accompanying schedule of expenditures of Federal awards (the "Schedule") includes the Federal award activity of the Kanawha County Regional Development Authority (the "Authority"), under programs of the federal government for the year ended June 30, 2024 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 the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.