Audit 353892

Accounting Policies: NOTE 01- SCOPE OF PRESENTATION Redevelopment Authority of Cumberland County Notes to Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2024 The accompanying schedule presents the expenditures incurred (and related awards received) by the Redevelopment Authority of Cumberland County (the Authority) that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. NOTE 02 - BASIS OF ACCOUNTING The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The information in this schedule is presented in accordance with the requirements of Uniform Guidance, Audit of States, Local Governments, and NonProfit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. NOTE 03 - SUBRECIPIENTS During the fiscal year ended June 30, 2024, Redevelopment Authority of Cumberland County disbursed no Federal funds to subrecipients. De Minimis Rate Used: N Rate Explanation: N/A