Notes to SEFA
Title: NOTE A - 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Lone Pine Economic Development Corporation has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Lone Pine Economic Development Corporation, Case No. 953661244 01-6, 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 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 the selected portion of the operations of Lone Pine Economic Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Lone Pine Economic Development Corporation.
Title: NOTE B - 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Lone Pine Economic Development Corporation has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C - INDIRECT COST REIMBURSEMENTS
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Lone Pine Economic Development Corporation has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Lone Pine Economic Development Corporation has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
Title: NOTE D - MORTGAGE PAYABLE
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. Lone Pine Economic Development Corporation has not charged any indirect costs to its federal programs since the Uniform Guidance became applicable, and has yet to determine if it will elect the 10% de minimis reimbursement rate.
The mortgage payable represents a permanent building loan provided by Rural Rental Housing. The balance outstanding on the mortgage as of December 31, 2024 totaled $1,566,209.