Title: Note 1 - Summary of Significant Accounting Policies
Accounting Policies: a. Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Greene County Industrial Development Agency (Agency), a component unit of Greene County, New York, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit 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). The purpose of the Schedule is to present a summary of those activities of the Agency funded by the federal government or pass-through entities for the year ended December 31, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Agency’s financial statements as federal aid. The Schedule presents only a selected portion of the activities of the Agency. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Agency.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Agency’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
a. Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Greene County Industrial Development Agency (Agency), a component unit of Greene County, New York, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit 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). The purpose of the Schedule is to present a summary of those activities of the Agency funded by the federal government or pass-through entities for the year ended December 31, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Agency’s financial statements as federal aid. The Schedule presents only a selected portion of the activities of the Agency. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Agency.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Agency’s share of certain program costs and are not included in the Schedule.
Title: Note 2 - Noncash Assistance
Accounting Policies: a. Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Greene County Industrial Development Agency (Agency), a component unit of Greene County, New York, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit 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). The purpose of the Schedule is to present a summary of those activities of the Agency funded by the federal government or pass-through entities for the year ended December 31, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Agency’s financial statements as federal aid. The Schedule presents only a selected portion of the activities of the Agency. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Agency.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Agency’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no federal awards expended in the form of noncash assistance by the Agency during the year ended December 31, 2024.
Title: Note 3 - Loans and Loan Guarantees
Accounting Policies: a. Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Greene County Industrial Development Agency (Agency), a component unit of Greene County, New York, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit 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). The purpose of the Schedule is to present a summary of those activities of the Agency funded by the federal government or pass-through entities for the year ended December 31, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Agency’s financial statements as federal aid. The Schedule presents only a selected portion of the activities of the Agency. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Agency.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Agency’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Agency did not participate in any loans or loan guarantees during the year ended December 31, 2024.
Title: Note 4 - Insurance
Accounting Policies: a. Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Greene County Industrial Development Agency (Agency), a component unit of Greene County, New York, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit 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). The purpose of the Schedule is to present a summary of those activities of the Agency funded by the federal government or pass-through entities for the year ended December 31, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Agency’s financial statements as federal aid. The Schedule presents only a selected portion of the activities of the Agency. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Agency.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Agency’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Agency did not participate in any federal insurance programs during the year ended December 31, 2024.
Title: Note 5 - Indirect Cost Rate
Accounting Policies: a. Basis of Presentation
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Greene County Industrial Development Agency (Agency), a component unit of Greene County, New York, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Comptroller General of the United States; and the audit 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). The purpose of the Schedule is to present a summary of those activities of the Agency funded by the federal government or pass-through entities for the year ended December 31, 2024, using the accrual basis of accounting. For purposes of this Schedule, federal awards include assistance provided by a federal agency, directly or indirectly, in the form of grants, contracts, cooperative agreements, loans and loan guarantees, and other noncash assistance.
Negative amounts, if any, on the Schedule represent adjustments or credits made to prior-year expenditures in the normal course of business.
b. Relationship to Financial Statements
Federal award revenues are reported in the Agency’s financial statements as federal aid. The Schedule presents only a selected portion of the activities of the Agency. It is not intended to, and does not, present the financial position, statement of activities, or other changes in net assets of the Agency.
c. Direct and Indirect Costs
Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with Office of Management and Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, and the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
d. Matching Costs
Matching costs represent the Agency’s share of certain program costs and are not included in the Schedule.
De Minimis Rate Used: Y
Rate Explanation: The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.