Notes to SEFA
Title: 3. FEDERAL EXPENDITURES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal award activity of Bear Paw Development Corporation of Northern Montana. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Bear Paw Development Corporation of Northern Montana has not elected to use the 10% de minimis cost rate as provided or allowed in 2 CFR section 200.414 Indirect (F&A) costs.
Federal expenditures for the EDA/RLF program are calculated as follows: See the Notes to the SEFA for chart/table
Title: 3. FEDERAL EXPENDITURES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal award activity of Bear Paw Development Corporation of Northern Montana. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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 and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Bear Paw Development Corporation of Northern Montana has not elected to use the 10% de minimis cost rate as provided or allowed in 2 CFR section 200.414 Indirect (F&A) costs.
Federal expenditures for the CDR/RLF program are calculated as follows: See the Notes to the SEFA for chart/table