Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Eastern Economic Development Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of South Eastern Economic Development Corporation under programs of the federal government for the year ended September 30, 2023. 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of South Eastern Economic Development Corporation it is not intended to and does not present the financial position, changes in net assets, or cash flows of South Eastern Economic Development Corporation (SEED).Type A programs are determined to be the larger of $750,000 or three (3) percent of total federal awards expended if total awards exceed $750,000. There were no awards received that were passed through to subrecipients.
Title: NOTE D - FEDERAL LOAN PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Eastern Economic Development Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed on the Schedule of Expenditures of Federal Awards are administered directly by SEED and balances and transactions relating to the programs are included in the SEED'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 of Expenditures of Federal Awards. The balance of loans outstanding as of September 30, 2023 is included on the schedule on the following page.
Title: NOTE E - EDA CALCULATION OF TOTAL FEDERAL EXPENDITURES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Costs Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: South Eastern Economic Development Corporation has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform Guidance.
Federal Grantor/Pass-Through Grantor/Program Title CFDA Number EDA Award Number 9/30/2023 Loan Balance 9/30/2023 Cash Balance Administrative Expenses Bad Debt Write-offs Sub-Total Federal Grant Rate Total Federal Expenditures
U.S. Department of Commerce Direct
EDA - Economic Adjustment Assistance ARPA RLF 11.307 01-79-15185 1,847,508 460,127 87,537 - 2,395,172 80% 1,916,138
EDA - Economic Adjustment Assistance CARES RLF 11.307 01-79-73019 1,924,802 1,315,453 72,639 - 3,312,894 100% 3,312,894
$3,772,310 $1,775,580 $160,176 $5,708,066 $5,229,031