Notes to SEFA
Title: Basis Of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule)
presents the activity of all Federal financial assistance programs of St. Louis
Economic Development Partnership. 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). Therefore, some amounts presented in the
Schedule may differ from amounts presented in, or used in the preparation of, the
financial statements.
De Minimis Rate Used: N
Rate Explanation: The Partnership has not elected to use the 10% de minimis indirect cost rate as
allowed by the Uniform Guidance, Section 414.
The accompanying Schedule is presented using the modified-accrual basis of
accounting which is described in Note 1 to the Partnership’s basic financial
statements, except for the Economic Development Administration Revolving Loan
Fund Capital which is calculated on a basis defined by the grantor as described in
Note 3.
Title: Economic Development Administration Revolving Loan Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule)
presents the activity of all Federal financial assistance programs of St. Louis
Economic Development Partnership. 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). Therefore, some amounts presented in the
Schedule may differ from amounts presented in, or used in the preparation of, the
financial statements.
De Minimis Rate Used: N
Rate Explanation: The Partnership has not elected to use the 10% de minimis indirect cost rate as
allowed by the Uniform Guidance, Section 414.
The Partnership administers Coronavirus Aid, Relief, and Economic Security
(CARES) Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency
Award (ALN #11.307). The RFL calculation as of and for the year ended
September 30, 2024 as reported in the Schedule are as follows: