Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Hoosier Uplands Economic Development Corporation (“HUEDC”) 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 HUEDC, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of HUEDC.
Expenditures reported on the Schedule are reported on the 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. HUEDC receives federal grant funds that are subject to review and audit by federal agencies. Such audits could result in a request for reimbursement by the federal government for expenditures disallowed under terms and conditions of the appropriate regulatory agency. Management believes such disallowances, if any, would not be significant.
There were no awards passed through to subrecipients the fiscal year ended December 31, 2024.