Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of East Market Street Development Corporation under programs of the federal government for the year ended December 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of East Market Street Development Corporation, is not intended to and does not present the financial position, changes in net assets, or cash flows of East Market Street Development Corporation.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR Part 230, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
East Market Street Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Noninterest bearing note payable to the City of Greensboro, North Carolina. No annual payments are required. The loan shall be payable in full, if not sooner paid, upon maturity on July 31, 2026; secured by the property at 2411-2419 Charlotte Street, Greensboro, NC.
Noninterest bearing note payable to the City of Greensboro, North Carolina. No annual payments are required. The loan shall be payable in full, if not sooner paid, upon maturity on October 31, 2036; secured by the property at 2409 Charlotte Street, Greensboro, NC.