Audit 50655

Accounting Policies: NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSYADKIN VALLEY ECONOMIC DEVELOPMENT DISTRICT, INC.For the Year Ended June 30, 2022Note A Purpose of the ScheduleThe Schedule of Expenditures of Federal Awards (the Schedule) is a supplementary schedule to the basic financial statements. The Schedule is required by the U.S. Office of Management and Budget (OMB) Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.Note B Significant Accounting PoliciesBasis of AccountingThe information in the Schedule is presented in accordance with Uniform Guidance. The Schedule is prepared using the same accounting policies and basis of accounting as the basic financial statements.CFDA NumbersUniform Guidance requires the Schedule to show the total expenditures for each of the entitys federal financial assistance programs as identified in the Catalog of Federal Domestic Assistance (CFDA). The CFDA is a government-wide compendium of individual federal programs. Each program included in the CFDA is assigned a five digit program identification number (CFDA number).Major ProgramsUniform Guidance establishes a risk-based approach to determining which federal programs are major programs. The federal awards tested as a major programs was with the CFDA numbers of 93.600.Matching CostsThe Schedule does not include matching expenditures.Indirect Cost RateThe Entity has not elected to use the 10% de minimis cost rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.