Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal awards activity of the Corporation under programs of the federal government for the year ended April 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award
activity of the Corporation under programs of the federal government for the year ended April 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 Requirement, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of operations of the Corporation, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal awards activity of the Corporation under programs of the federal government for the year ended April 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the accompanying Schedule are reported in conformity with accounting
principles accepted in the United States of America. Such expenditures are recognized following 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. The Corporation has elected not to
use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Outstanding Loan Balance
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal awards activity of the Corporation under programs of the federal government for the year ended April 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by the Corporation, and balances and
transactions relating to these programs are included in the Corporation’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 April 30, 2022
consists of:
Title: Revolving Loan Fund
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal awards activity of the Corporation under programs of the federal government for the year ended April 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 Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the schedule of expenditures of federal awards (SEFA), the amount expended for the U.S.
Department of Commerce - Economic Adjustment Assistance - Revolving Loan Fund (RLF) program is
determined as follows: