Notes to SEFA
Title: Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: Valdese Economic Development Investment Corporation has elected not to use the 10 percent 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 Valdese Economic Development Investment Corporation under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is present 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 Valdese Economic Development Investment Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Valdese Economic Development Investment Corporation.
Title: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: Valdese Economic Development Investment Corporation has elected not to use the 10 percent 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, Cost Principles for Non-profit Organizations wherein certain types of expenditures are not allowable as to reimbursement. Valdese Economic Development Investment Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.