Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Indiana Economic Development Corporation, a component unit of the State of Indiana, (the IEDC) for the year ended June 30, 2023. The information in the 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 operations of the IEDC, it is not intended to and does not present the net assets, changes in net assets, or cash flows of the IEDC.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the Uniform Guidance, or when not applicable the specific federal award agreement, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Subrecipients: The amounts of expenditures to subrecipients represents the actual expenditures incurred by subrecipients and reimbursable by IEDC during the year ended June 30, 2023.
Program Income reported on the Schedule related to the State Small Business Credit Initiative is recognized when received and amounted to $724,959 during the year ended June 30, 2023. Program income over the term of the award will be added to the original award from the U.S. Department of Treasury of $99,087,725.
As of June 30, 2023, the IEDC had accrued interest on notes receivable from Indiana Angel Network Fund, LLC relating to disbursements from SSBCI 1.0 and SSBCI 2.0 in the amount of $1,198,392 and $60,276, respectively. Interest income relating to the notes receivable will be recorded as program income upon receipt.
De Minimis Rate Used: N
Rate Explanation: The IEDC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.