Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Lincoln Trail Area Development Distrit under programs of the federal government for the year ended June 30, 2023, and is presendted on the modified accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts in or used in the preparation of the financial statements.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
Expenditures reported on the Schedule are reported on the modifided accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are ot allowable or are limited as to reimbursement.
Title: Note 3: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan methodology as defined in Appendix VII, Part 200, Section F3.
Title: Note 4: EDA Cares Act Revolving Loan Fund
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
The district was awarded a CARES Act revolving loan fund grant. The grant was awarded on July 24, 2020 for $550,000. $500,000 was to be used for loans and $50,000 for administrative services. From July 2, 2021 through June 30, 2023, the district had no approved loans. Loan values, RLF cash balance, current year administrative expenses and loand written off, in lieu of expendtures, are used in determining major program status, and are as follows: See the Notes to the SEFA for chart/table
Title: Note 5: Data Universal Numbering System (DUNS) Number
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
The district is registered in Dun & Bradstreet's Data Universal Numbering System database under the name Lincoln Trail Area Development District. The DUNS number assinged to our organization is 07-102-3808.
Title: Note 6: Reconciliation of Federal Revenue to Schedule of Expenditures of Federal Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
See the Notes to the SEFA for chart/table
Title: Note 7: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modifided accountal basis of accounting. Such expenditures are recognized following the cost principles contained in the Unform Guidance, wherein certail types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District uses a Cost Allocation Plan mehodology as defined in Appendix VII, Part 200, Section F3.
Of the federal expenditures presented in the schedule, Lincoln Trail Development District provided federal awards to the following sub-recipients: See the Notes to the SEFA for chart/table