Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the modified accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission's indirect cost allocation plan provides for allocation of personnel fringe benefits and indirect expenses with rates of 41.81% and 14.00% respectively. The amounts shown in the financial statements for personnel fringe benefits and indirect expenses have been adjusted to represent actual rates at 37.73% and 13.64%, respectively. The indirect cost allocation plan was prepared in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Northwest Regional Development Commission. 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 the preparation of the basic financial statements.
Title: REVOLVING LOAN FUND
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the modified accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission's indirect cost allocation plan provides for allocation of personnel fringe benefits and indirect expenses with rates of 41.81% and 14.00% respectively. The amounts shown in the financial statements for personnel fringe benefits and indirect expenses have been adjusted to represent actual rates at 37.73% and 13.64%, respectively. The indirect cost allocation plan was prepared in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The value of the Revolving Loan Fund Program at December 31, 2024 was calculated as follows: See the Notes to the SEFA for chart/table
Title: RECONCILIATION
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards (the Schedule) are reported on the modified accrual basis of accounting, which is described in Note 1 to the Commission’s basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission's indirect cost allocation plan provides for allocation of personnel fringe benefits and indirect expenses with rates of 41.81% and 14.00% respectively. The amounts shown in the financial statements for personnel fringe benefits and indirect expenses have been adjusted to represent actual rates at 37.73% and 13.64%, respectively. The indirect cost allocation plan was prepared in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Reconciliation of the Schedule of Expenditures of Federal Awards to the Statement of Activities: (See the Notes to the SEFA for chart/table