Notes to SEFA
Title: Revolving Loan Program
Accounting Policies: All Federal grant operations of North Central Pennsylvania Regional Planning and Development Commission’s (the Commission) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the U.S. Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the grant program noted below. This program represents Federal award program for fiscal year 2021 cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 39% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Commission administers a Revolving Loan Fund Program funded by the Appalachian Regional Commission. During the year ended June 30, 2022, 4 loans totaling $575,000 were disbursed. Loans outstanding as of June 30, 2023 were $2,178,949. The Commission administers a Revolving Loan Fund Program funded by the U.S. Department of Commerce. During the year ended June 30, 2022, 5 loans totaling $556,848 were disbursed. Loans outstanding as of June 30, 2023 were $2,840,851.