Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Door County Economic Development Corporation 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 Schedule) includes the federal award activity of Door County Economic Development Corporation’s programs of the federal government for the year ended December 31, 2024. 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 Door County Economic Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Door County Economic Development Corporation.
Title: OVERSIGHT AGENCIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Door County Economic Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal oversight agency for Door County Economic Development Corporation is as follows: Federal — U.S. Department of Commerce
Title: SUBRECIPIENT PAYMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Door County Economic Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were passed through to sub recipients during the year ended December 31, 2024.
Title: DEFEDERALIZATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Door County Economic Development Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The U.S. Department of Commerce Economic Development Administration approved the release of federal interest in the Capital Base of EDA Financial Assistance Award No. 06-49-02687 during year ended December 31, 2024. The Schedule presents the value of the federal interest as of the date of defederalization.