Audit 357274

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Under the accrual basis, federal awards are considered as expenses (amounts expended and are recognized when the related liability is incurred. The information in this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations 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 the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: Northcentral Arkansas Development Council, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of Northcentral Arkansas Development Council, Inc. under programs of the federal government for the year ended February 28,2025. 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 operations of Northcentral Arkansas Development Council, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Northcentral Arkansas Development Council, Inc.