Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program presented using the accrual basis of accounting as described in the financial statements
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
Bucks County Industrial Development Authority the reporting entity for financial reporting purposes as defined in Note A of Bucks County Industrial Development Authority’s financial statements.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program presented using the accrual basis of accounting as described in the financial statements
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Bucks County Industrial Development Authority 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 a selected portion of the operation of Bucks County Industrial Development Authority, it is not intended to and does not present the financial position, change in net position, or cash flows of Bucks County Industrial Development Authority.
Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program presented using the accrual basis of accounting as described in the financial statements
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program presented using the accrual basis of accounting as described in the financial statements. The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
Title: CALCULATION OF REVOLVING LOAN FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program presented using the accrual basis of accounting as described in the financial statements
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as discussed in 2 CFR 200.414(f).
See Financial Statement upload for table