Title: NOTE 1 - ASSOCIATION:
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Grand Gateway Economic Development Association and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Grand Gateway Economic Development Association (hereby also referred to as the “Association”) is the recipient of several federal awards. All federal expenditures from awards received directly from federal agencies as well as those awards that are passed through other government agencies are included in the Schedule of Expenditures of Federal Awards.
Title: NOTE 2 – BASIS OF PRESENTATION:
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Grand Gateway Economic Development Association and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Grand Gateway Economic Development Association and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal
Regulation (CFR) Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 3 – LOCAL GOVERNMENT CONTRIBUTIONS:
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Grand Gateway Economic Development Association and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Local cost sharing, as defined by Title 2 CFR Part 200, Subpart D, Section 200.306 is required by certain federal grants. The amount of cost sharing varies with each program. Only the federal share of expenditures is presented in the Schedule of Expenditures of Federal Awards.
Title: NOTE 4 – ADDITIONAL AUDITS:
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Grand Gateway Economic Development Association and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Grantor agencies reserve the right to conduct additional audits of the Association’s grant programs for economy and efficiency and program results that may result in disallowed costs to Grand Gateway Economic Development Association. However, management of the Association does not believe such audits would result in any disallowed costs that would be material to the Association’s financial position at June 30, 2024.