Notes to SEFA
Title: Scope of Audit Pursuant to the Uniform Guidance and the Single Audit Act of 1996
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. 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. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Some programs may be funded jointly by State or local appropriations and Federal funds.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Industrial Development Board of the City of Auburn, Alabama, is an agency of the State of Alabama. All significant operations of the Board are included in the scope of the Uniform Guidance and the Single Audit Act of 1996. The U.S. Department of Housing and Urban Development has been designated as the Board’s cognizant
agency for the Single Audit.
Title: Fiscal Period Audited
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. 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. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Some programs may be funded jointly by State or local appropriations and Federal funds.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Single Audit testing procedures were performed for program transactions occurring during the fiscal year ended September 30, 2024.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. 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. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Some programs may be funded jointly by State or local appropriations and Federal funds.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. 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. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Some programs may be funded jointly by State or local appropriations and Federal funds. The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.