Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Rural Nevada Development Corporation has elected not to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
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, 2023. 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.
Title: Basis of Accounting
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Rural Nevada Development Corporation has elected not to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
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.
Title: Indirect Cost Rate
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Rural Nevada Development Corporation has elected not to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Rural Nevada Development Corporation has elected not to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: 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.
Title: Outstanding Federal Loans
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Rural Nevada Development Corporation has elected not to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
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.