Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: The Mississippi River Regional Planning Commission 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 the Mississippi River Regional Planning Commission 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 2 CFR 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 the Mississippi River Regional Planning Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Mississippi River Regional Planning Commission.
Title: EDA TITLE IX REVOLVOING LOAN FUND – CARES ACT
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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: The Mississippi River Regional Planning Commission has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount reported in the schedule of federal expenditures for ALN #11.307 EDA Title IX Revolving Loan Fund – CARES Act is calculated as follows:
Outstanding Revolving Loan Funds at December 31, 2024: $727,289
Revolving Loan Program Cash and Investments Held at December 31, 2024: $322,710
Total: $1,049,999
Federal Share: 100%
Total Calculated Federal Expenditures for ALN 11.307 CARES Act: $ 1,049,999