Notes to SEFA
Title: 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, wherein certain types of expenditures are not allowable or are limited in reimbursement. Pass-through entity identifying numbers are presented where available.
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 Valley Economic Development Partners, Inc. and Related Entities under programs of the federal government for the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organizations, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Valley Economic Development Partners, Inc. and Related Entities.
Title: Federal Revolving Loan Funds and Loans Outstanding
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, wherein certain types of expenditures are not allowable or are limited in reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal activity from the U.S. Small Business Administration ILP (Assistance Listing #59.062) represents the beginning of the year balance of the loan payable plus cash on hand for the program. New loans totaling $183,000 were made during 2022. The balance of loans payable outstanding at December 31, 2022 was $670,652. Federal activity from the Department of Agriculture IRP (Assistance Listing #10.767) represents the beginning of the year balance of the loan payable plus cash on hand for the program. New loans totaling $161,000 were made during 2022. The balance of loans payable outstanding at December 31, 2022 was $701,652. Federal activity from the U.S. Department of Commerce (Assistance Listing #11.307) represents revolving loan fund balances loaned to third parties and cash and investment balances and administrative expenses paid in the revolving loan fund at year-end as required by the compliance supplement.