Notes to SEFA
Title: Note B Insurance
Accounting Policies: The accompanying schedule of expenditures of Federal Awards and State Financial Assistance (the "Schedule") includes the federal and state grant activity of Grand Avenue Economic Development Corp, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; and the Florida Single Audit Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. The Federal and State Awards reflected in the Schedule include indirect cost charges allowed by the pass-through entity in their respective agreements with Grand Avenue Economic Development Corp. In all instances, indirect administrative costs are equal to or less than ten percent (10%) of the total allowable costs.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There were no Federal or State awards expended in the form of non-cash assistance. The Corporation had commercial and general liability insurance in effect during the year with limits of $3,000,000 for general aggregate and $2,000,000 for each occurrence
Title: Note C Forgivable Loans
Accounting Policies: The accompanying schedule of expenditures of Federal Awards and State Financial Assistance (the "Schedule") includes the federal and state grant activity of Grand Avenue Economic Development Corp, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; and the Florida Single Audit Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements. The Federal and State Awards reflected in the Schedule include indirect cost charges allowed by the pass-through entity in their respective agreements with Grand Avenue Economic Development Corp. In all instances, indirect administrative costs are equal to or less than ten percent (10%) of the total allowable costs.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Included in the Schedule are forgivable Federal and State Loans amounting to $1,480,804. These amounts have been included in the Schedule as the programs are subject to ongoing compliance requirements.