Notes to SEFA
Title: Grantee Contributions
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards includes the federal and State grant activity of Choanoke Area Development Association, Incorporated under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this Schedule of Expenditures of Federal and State Awards 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. Because the Schedule presents only a selected portion of the operations of Choanoke Area Development Association, Incorporated, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Choanoke Area Development Association, Inc.Expenditures reported in the schedule of expenditures of federal and State awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Association contributed the following to federal programs: Head Start $1,255,138