Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Development Corporation of Orchard Knob, Inc. 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 The Development Corporation of Orchard Knob, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of The Development Corporation of Orchard Knob, Inc.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Development Corporation of Orchard Knob, Inc. has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The Development Corporation of Orchard Knob, Inc. has received a capital advance under the Section 202 Capital Advance program. The capital advance outstanding as of December 31, 2024 is $2,418,699.