Notes to SEFA
Title: Reporting Entity
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year.
De Minimis Rate Used: N
Rate Explanation: H-GAC has elected to use the negotiated indirect cost rate and not the 10% de minimus rate as allowed under the Uniform Guidance.
H-GAC for purposes of the schedule of expenditures of federal and state awards includesall funds of the primary government. Also included is the Gulf Coast Economic Development Corporation, a discretely presented component unit of H-GAC.
Title: Reconciliation
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year.
De Minimis Rate Used: N
Rate Explanation: H-GAC has elected to use the negotiated indirect cost rate and not the 10% de minimus rate as allowed under the Uniform Guidance.
Adjustments necessary to reconcile expenditures reported on the supplementary scheduleof expenditures of federal and state awards to the basic financial statements at year end were as follows: Total Grant Fund Expenditures $ 442,786,123; Add: Depreciation charged to grant programs 137,846; Add: Gulf Coast Economic Development Corporation federal expenditures 2,552,157; Add: Gulf Coast 911 Emergency District CSEC grant 458,173; Less: In-Kind Expenditures (3,536,119); Less: Cash Match (303,424); Less: Expenditures funded by local grant revenues (7,916,472); Total Federal and State Schedule $ 434,178,284
Title: Calculation of Federal Awards Expended for EDA Revolving Loan Fund
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior year.
De Minimis Rate Used: N
Rate Explanation: H-GAC has elected to use the negotiated indirect cost rate and not the 10% de minimus rate as allowed under the Uniform Guidance.
Expenditure of the EDA Revolving Loan Fund were calculated as follows: Balance of RLF loans outstanding at 12/31/2022 $1,149,646 Cash and investment balance at 12/31/2022 521,804; Administrative costs during the fiscal year 78,339; Unpaid principal of loans written off during the fiscal year (29,586); Total EDA Revolving Loan Fund Expenditures 1,720,203; Federal Participation Rate 100%; Total Federal Share of EDA Revolving Loan Fund Expenditures $1,720,203