Title: NOTE 3.LOANS RECEIVABLE OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Mid-Ohio Valley Regional Planning and Development Council and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200 (OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.)
De Minimis Rate Used: N
Rate Explanation: MOVRC has elected not to use the 10% de minimus indirect rate. We used an US-Economic Development Agency approvedrate of .53 of direct labor.
MOVRC had the following balances of loans receivable outstanding at June 30, 2022, under federal loan programsProgram Title: CFDAUSEDA Revolving Loan Fund Cares Act11.307 $2,990,747 Appalachian Regional Commission-RLF23.011 1,942,215 Intermediary Relending Program 10.767 2,963,714 Total $7,896,677
Title: NOTE 4.Calculated Federal Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Mid-Ohio Valley Regional Planning and Development Council and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200 (OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.)
De Minimis Rate Used: N
Rate Explanation: MOVRC has elected not to use the 10% de minimus indirect rate. We used an US-Economic Development Agency approvedrate of .53 of direct labor.
EDA CARES IRP Balance of outstanding loans at 6/30/2022 [current year] $2,990,747.5 $2,963,714.2 Cash and investment balance at 6/30/22 [current year] 175,337.4 859,448.2 Administrative expenses paid FY22 [current year] 54,765.3 13,977.6 Unpaid principal of loans written off - 22,331.7 Total 3,220,850.1 3,859,471.7 Federal Participation Rate 100% 43% Calculated Federal Expenditures $3,220,850 $1,660,731 ARC Balance of outstanding loans at 6/30/2022 $1,392,638 Loan Disbursements during FY22 1,106,329 Admin Expenses FY2022 4,636 Calculated Federal Expenditures $2,503,603