Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Region 9 Economic Development District of Southwest Colorado, Inc. under programs of thefederal government for the year ended September 30, 2021. The information in this Schedule is presentedin accordance with the requirements of Title 2 U.S. Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations Region 9 Economic Development District of SouthwestColorado, Inc., it is not intended to and does not present the financial position, changes in net position, orcash flows of Region 9 Economic Development District of Southwest Colorado, Inc.Basis of AccountingThis accompanying schedule of expenditures of federal awards has been prepared on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Expenditures reported for the EconomicDevelopment Association Revolving Loan Fund grant, CFDA number 11.307, are calculated according toformula. Loan balances outstanding at the end of the year that were expended in prior years are included inthis calculation.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 790256. RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM (10.870) - Balances outstanding at the end of the audit period were 418858.