Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Rural Nevada Development Corporation under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. 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 Rural Nevada Development Corporation, it is not intended to and does not present the financial position, changes in net position, or cash flows of Rural Nevada Development Corporation.
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 or are limited as to reimbursement.
Rural Nevada Development Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There are no subrecipients.
Rural Nevada Development Corporation receives funding from the federal government for use in their revolving loan programs. Per the Compliance Supplement, these amounts are not reported as federal loans. Rather, when loans are extended to recipients of the revolving loan programs, the amounts are reported on the Schedule of Expenditures of Federal Awards.