Title: Basis of Presentation and Summary of Significant Accounting Policies:
Accounting Policies: The information in the schedule is presented in accordance with the requirements of the 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 the schedule may differ from amounts presented in net position or fund balance, or cash flows of Target Area Development Corporation basic financial statements. 2. Indirect Cost Rate TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
De Minimis Rate Used: Y
Rate Explanation: TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance when allowed by the grant agreements.
Basis of Presentation and Summary of Significant Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Target Area Development Corporation (TADC) under program of the federal government for the year ended December 31, 2023. All federal awards received directly from federal agencies as well as federal awards passed through from other government agencies and organizations are included on the Schedule of Expenditures of Federal Awards. The information in the schedule is presented in accordance with the requirements of the 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 the schedule may differ from amounts presented in net position or fund balance, or cash flows of Target Area Development Corporation basic financial statements.
Title: Indirect Cost Rate
Accounting Policies: The information in the schedule is presented in accordance with the requirements of the 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 the schedule may differ from amounts presented in net position or fund balance, or cash flows of Target Area Development Corporation basic financial statements. 2. Indirect Cost Rate TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
De Minimis Rate Used: Y
Rate Explanation: TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance when allowed by the grant agreements.
TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance when allowed by the grant agreements.
Title: Relationship to financial Statement
Accounting Policies: The information in the schedule is presented in accordance with the requirements of the 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 the schedule may differ from amounts presented in net position or fund balance, or cash flows of Target Area Development Corporation basic financial statements. 2. Indirect Cost Rate TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
De Minimis Rate Used: Y
Rate Explanation: TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance when allowed by the grant agreements.
The amount of total expenditures of federal awards reconciles to the revenue in the statement of
activities above:
Title: Other
Accounting Policies: The information in the schedule is presented in accordance with the requirements of the 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 the schedule may differ from amounts presented in net position or fund balance, or cash flows of Target Area Development Corporation basic financial statements. 2. Indirect Cost Rate TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
De Minimis Rate Used: Y
Rate Explanation: TADC has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance when allowed by the grant agreements.
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with
the amounts reported in the related federal financial reports. However, certain federal financial
reports are filed based on cash expenditures. As such, certain timing differences may exist in the
recognition of revenues and expenditures between the Schedule of Expenditures of Federal
Awards and the federal financial reports.
TADC did not have any outstanding federal loans or loan guarantees as of December 31, 2023, no
insurance assistance for reimbursement losses during the end of the year