Notes to SEFA
Title: Note A - Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: Basis of Presentation: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below. Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Commission. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursments and expenditures will be reversed in the remaining grant period.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance.
The Southeast Alabama Regional Planning and Development Commission (the "Commission") is an agency fo the State of Alabama. All significant operations of the Commission are included in the scope of the Uniform Guidance.
Title: Note B - Fiscal Period Audited
Accounting Policies: Basis of Presentation: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below. Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Commission. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursments and expenditures will be reversed in the remaining grant period.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance.
Single audit testing procedures were performed for program transactions occurring during the fiscal year ended September 30, 2024. Grant and appropriation terms are indicated in the Schedule of Expenditures of Federal Awards.
Title: Note C - Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below. Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Commission. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursments and expenditures will be reversed in the remaining grant period.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance.
Basis of Presentation: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below. Accrued and Deferred Reimbursement: Various reimbursement proecedures are used for federal awards recieved by the Commission. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursements and expenditures will be reversed in the remaining grant period.
Title: Note D - Value of Outstanding Program Loans
Accounting Policies: Basis of Presentation: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below. Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Commission. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursments and expenditures will be reversed in the remaining grant period.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance.
Program loans receivable balances as of year-end were as follows: "See the Notes to the SEFA for chart/table."
Title: Note E - De Minimis Indirect Rate
Accounting Policies: Basis of Presentation: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below. Accrued and Deferred Reimbursement: Various reimbursement procedures are used for federal awards received by the Commission. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursments and expenditures will be reversed in the remaining grant period.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance.
The Commission has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance.