Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are
reported on the modified cash basis of accounting. Such expenditures are recognized following
the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected 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 Red River Regional Council under 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
Red River Regional Council, it is not intended to and does not present the financial position or
change in net position of Red River Regional Council.
Title: LOAN PROGRAMS
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (the “Schedule”) are
reported on the modified cash basis of accounting. Such expenditures are recognized following
the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Council has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Council manages the federal Revolving Loan Programs, through the U.S. Economic
Development Administration (EDA). The calculation of the federal expenditures related to the
Revolving Loan Programs are as follows: (SEE TABLE IN NOTES TO SEFA)