Title: Loan/loan guarantee outstanding balances
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: The auditee did not use the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 3073552. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 345055. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM (21.020) - Balances outstanding at the end of the audit period were 4149545. MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 1386050.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: The auditee did not use the de minimis cost rate.
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, 2021. 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: 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: The auditee did not use the de minimis cost rate.
Federal Grantor/Pass-Through Grantor/Program Title - U.S. Department of Commerce DirectCFDA Number 11.3017EDA Award Number 01-79-151859/30/2022 Loan Balance -$250,000 9/30/2022 Cash Balance - $500,931Administrative Expenses - $11,070Bad Debt Write-offs -$0 Sub-Total - $762,001Federal Grant Rate -80% Total Federal Expenditures - $609,601CFDA Number 11.307EDA Award Number 01-79-730199/30/2022 Loan Balance - $2,823,552 9/30/2022 Cash Balance - $416,703Administrative Expenses - $72,325Bad Debt Write-offs -$0 Sub-Total -$3,312,580Federal Grant Rate- 100%Total Federal Expenditures (all) - $3,312,5809/30/2022 Loan Balance Total - $3,073,5529/30/2022 Cash Balance Total - $917,634Administrative Expenses Total - $83,395 Bad Debt Write-offs total - $0Sub-Total Total - $4,074,581Total Federal Expenditures - $3,922,180