Notes to SEFA
Title: BASIS OF ACCOUNTING & PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents all the activity of all the federal award programs of The Economic Development Corporation (the Organization) for the year ended June 30, 2024. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the schedule.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of accounting, which is defined in Note 1 to the Organization’s financial statements. 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).
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents all the activity of all the federal award programs of The Economic Development Corporation (the Organization) for the year ended June 30, 2024. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the schedule.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award revenues are reported in the Organization’s financial statements as grants and contracts revenue in the net assets with donor restrictions category.