Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal awards programs administered by the Broome County Local Development Corporation, an entity as defined in Note 1 to the Corporation’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
Title: MATCHING COSTS
Accounting Policies: The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Matching costs, such as the Corporation's share of certain program costs, are not included in the reported expenditures.
Title: SUBRECIPIENTS
Accounting Policies: The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
No amounts were provided to subrecipients.
Title: OTHER DISCLOSURES
Accounting Policies: The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with Federal Funds. Any equipment purchased with Federal Funds has only a nominal value and is covered by the Corporation’s casualty insurance policies. There were no loans or loan guarantees outstanding at year end.