Notes to SEFA
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Delta Area Economic
Opportunity Corporation and is presented on the accrual basis of accounting. The information in this schedule
is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Delta Area Economic
Opportunity Corporation and is presented on the accrual basis of accounting. The information in this schedule
is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE B -- INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Delta Area Economic
Opportunity Corporation and is presented on the accrual basis of accounting. The information in this schedule
is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
Delta Area Economic Opportunity Corporation did not elect to use the de minimis cost rate.
Title: NOTE C -- LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Delta Area Economic
Opportunity Corporation and is presented on the accrual basis of accounting. The information in this schedule
is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards include the outstanding balance at 01/01/2024 of CHDO forgivable loans
because the Federal government imposes continuing compliance requirements. Balance 12/31/2024 was $1,913,400.00
Title: NOTE D -- NON-CASH FEDERAL ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Delta Area Economic
Opportunity Corporation and is presented on the accrual basis of accounting. The information in this schedule
is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this
may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
During the year ended December 31, 2024, the Organization received a building to be used as a homeless shelter with an estimated fair market
of $2,101,064.00 from the City of Sikeston, Missouri. The building was built by the City using federal funds from the U.S. Department
of Housing and Urban development un the Community Development Block Grant (CDBG) program (Assistance Listing 14.228).
The value of the building is included in the Schedule of Expenditures of Federal Awards as non-cash assistance.