Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Renaissance Economic Development Corporation (REDC) for the year ended December 31, 2022. The activity reported under ALN numbers 59.046 and 21.024 represent current year loans issued and not the total amount of loans outstanding as there are no continued compliance requirements for outstanding loans. The information in the 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of REDC, it is not intended to and does not present the financial position, changes in net assets or cash flows of REDC.