Notes to SEFA
Title: 2. Description of Grants
Accounting Policies: 1. Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basisof accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has met thequalifications for the respective grants.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
COVID-19 CARES Act Revolving Loan FundThe Economic Development Administration (EDA) provided JEDCO with funds for a revolving loanpool which finances business development activities consistent with local economic developmentstrategies. These funds provide access to capital for those small businesses that suffered directly fromthe COVID-19 epidemic.COVID-19 CARES Act Seafood Enterprise Assistance (SEA) Revolving Loan FundIn 2022, JEDCO was awarded $1 million in Department of Housing and Urban Development (HUD)Community Development Block Grant Funds (CDBG) through the Jefferson Parish Office ofCommunity Development. The purpose of the fund is to create a revolving loan fund for small businessowners in the seafood industry negatively impacted by the COVID-19 pandemic to assist in therecovery of the industry. During the year ended December 31, 2022, JEDCO received federal grantrevenue of $425,480 for this grant through Jefferson Parish.
Title: 3. Outstanding Loans
Accounting Policies: 1. Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basisof accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has met thequalifications for the respective grants.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The value of loans outstanding, net of allowance for doubtful accounts, is as follows as of December31, 2022:EDA COVID-19 Revolving Loan Fund $ 1,270,870SEA COVID-19 Revolving Loan Fund 404,797Total $ 1,675,667
Title: 4. Indirect Cost Rate
Accounting Policies: 1. Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basisof accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has met thequalifications for the respective grants.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
JEDCO has elected not to use the 10% de minimis indirect cost rate as provided for in section 200.413of the Uniform Guidance.