Notes to SEFA
Title: Subsidiaries
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New York State Urban Development Corporation and Subsidiaries and is presented on the accrual basis. The information in this schedule is presented in accordance with Requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the general purpose consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal reports used as the source for the data presented. The Corporation does not use the 10% de minimis selection.
Subsidiaries receiving federal awards which are included in the schedule of expenditures of federal awards are as follows:
• Harlem Community Development Corporation
• New York Empowerment Zone Corporation
• Moynihan Station Development Corporation
Title: Lower Manhattan Development Corporation (LMDC)
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of New York State Urban Development Corporation and Subsidiaries and is presented on the accrual basis. The information in this schedule is presented in accordance with Requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the general purpose consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal reports used as the source for the data presented. The Corporation does not use the 10% de minimis selection.
The schedule of expenditures of federal awards does not include $51,261,740 in federal expenditures of LMDC, a subsidiary of New York State Urban Development Corporation. LMDC has elected to have a separate audit performed in accordance with the requirements of the Uniform Guidance.