Notes to SEFA
Title: Outstanding Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") summarizes the expenditures of the Rural Economic Development Center, Inc. (the "Center"). The Schedule is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Center and agencies and departments of the federal government and all subawards made to the Center by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Center received loan funding under federal programs as noted below. Outstanding loan balances related to these programs as of June 30, 2023 consist of the following:
COVID-19 NC Rapid Recovery - Pass through program from:
Golden Leaf Foundation 21.019 FY2019-081 $59,105,359
Wake County 21.019 EC03086/EC03083 $7,337,636
Total: $66,442,995
Appalachian Reginal Commission
COVID-19 Rapid Recovery Loan Program 23.002 N/A $352,628