Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all Federal financial assistance programs of St. Louis Economic Development Partnership. 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Partnership has not elected to use the 10% de minimis indirect cost rate as allowed by the Uniform Guidance, Section 414.
The Partnership administers Coronavirus Aid, Relief, and Economic Security (CARES) Act Revolving Loan Fund Supplemental Disaster Recovery and Resiliency Award (ALN #11.307). Balance outstanding at the end of the audit period was $1,411,392. See the Notes to the SEFA for table.
Title: Basis Of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all Federal financial assistance programs of St. Louis Economic Development Partnership. 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Partnership has not elected to use the 10% de minimis indirect cost rate as allowed by the Uniform Guidance, Section 414.
The accompanying Schedule is presented using the modified-accrual basis of accounting which is described in Note 1 to the Partnership's basic financial statements, except for the Economic Development Administration Revolving Loan Fund Capital which is calculated on a basis defined by the grantor.