Title: 1. Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Niagara County Industrial Development Agency (the Agency) and its component unit, Niagara County Development Corporation (NCDC), entities defined in Note 1 to the Agency's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA.
Expenditures are calculated as required by the Uniform Guidance or the applicable program and do not constitute actual program disbursements.
The Agency was awarded $737,000 ($67,000 for administrative costs) through the U.S Economic Development Administration (EDA) during 2020 from the Supplemental Appropriations for Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The award is 100% funded through EDA. The amount on the SEFA is calculated as follows: balance of loans outstanding $449,961, cash $93,608 and administrative expenses $0 totaling $543,569.
Basis of Accounting
The Agency and NCDC use the accrual basis of accounting for each federal program, consistent with the financial statements.
The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Agency's financial reporting system.
Indirect Costs
The Agency and NCDC have elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. Furthermore, neither the Agency nor NCDC has received Federal awards including indirect cost reimbursement for the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
The Agency and NCDC have elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. Furthermore, neither the Agency nor NCDC has received Federal awards including indirect cost reimbursement for the year ended December 31, 2024.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Niagara County Industrial Development Agency (the Agency) and its component unit, Niagara County Development Corporation (NCDC), entities defined in Note 1 to the Agency's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA.
Expenditures are calculated as required by the Uniform Guidance or the applicable program and do not constitute actual program disbursements.
The Agency was awarded $737,000 ($67,000 for administrative costs) through the U.S Economic Development Administration (EDA) during 2020 from the Supplemental Appropriations for Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The award is 100% funded through EDA. The amount on the SEFA is calculated as follows: balance of loans outstanding $449,961, cash $93,608 and administrative expenses $0 totaling $543,569.
Basis of Accounting
The Agency and NCDC use the accrual basis of accounting for each federal program, consistent with the financial statements.
The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Agency's financial reporting system.
Indirect Costs
The Agency and NCDC have elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. Furthermore, neither the Agency nor NCDC has received Federal awards including indirect cost reimbursement for the year ended December 31, 2024.
Title: 2. Revolving Loan Funds
Accounting Policies: Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Niagara County Industrial Development Agency (the Agency) and its component unit, Niagara County Development Corporation (NCDC), entities defined in Note 1 to the Agency's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA.
Expenditures are calculated as required by the Uniform Guidance or the applicable program and do not constitute actual program disbursements.
The Agency was awarded $737,000 ($67,000 for administrative costs) through the U.S Economic Development Administration (EDA) during 2020 from the Supplemental Appropriations for Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The award is 100% funded through EDA. The amount on the SEFA is calculated as follows: balance of loans outstanding $449,961, cash $93,608 and administrative expenses $0 totaling $543,569.
Basis of Accounting
The Agency and NCDC use the accrual basis of accounting for each federal program, consistent with the financial statements.
The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Agency's financial reporting system.
Indirect Costs
The Agency and NCDC have elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. Furthermore, neither the Agency nor NCDC has received Federal awards including indirect cost reimbursement for the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
The Agency and NCDC have elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. Furthermore, neither the Agency nor NCDC has received Federal awards including indirect cost reimbursement for the year ended December 31, 2024.
Loans outstanding at December 31, 2024 for NCDC’s federally restricted EDA revolving loan fund amounted to $449,961