Notes to SEFA
Title: BASIS OF PRESENTATIONNOTE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Region Five Development Commission has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Region Five Development Commission 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 Region Five Development Commission, it is not intended to, and does not, present the financial position, changes in net position or cash flows of Region Five Development Commission.
Title: FEDERAL LOAN PROGRAMFederal
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Region Five Development Commission has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by North Central Economic Development Association, Inc., the component unit. Balances and transactions relating to this program are included in the Commission's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023 consist of: Rural Microentrepreneuer Assistance Program Federal ALN 10.870, balance outstanding of $59,629
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Region Five Development Commission has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission did not pass through any federal funds to subrecipients during the year ended June 30, 2023.
Title: PASS-THROUGH IDENTIFIER
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Region Five Development Commission has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission's pass-through identifier is unknown