Audit 39976

Title: Reconciliation to Schedule of Expenditures of Federal Awards Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Economic Development Alliance of St. Clair County (the Organization) for the year ended June 30, 2022. Expenditures reported on the Schedule are reported on the same basis of accounting, the accrual basis, as the financial statements; although the basis for determining when federal awards are expended 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the financial statements. Revenue has been accrued at June 30, 2022 to match allowable expenditures incurred during the year for each program. Grant funds received in advance that are in excess of incurred costs have been reflected as deferred revenue. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The following reconciliation was prepared to meet the single audit reporting requirements of the uniform guidance. See Note 2 of the SEFA for the reconciliation.