Notes to SEFA
Title: Assistance Listing Number 97.036
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to the Districts financial statements for the year ended June 30, 2022.The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the England Economic and Industrial Development District (the District) under programs of the federal government for the year ended June 30, 2022. 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards for the fiscal year ended June 30, 2021, inadvertently omitted monies received under the federal assistance listing number 97.036. $40,632 was obligated to the District during the year ended June 30, 2021 related to project PA-06-LA-4559- PW-00369.