Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were $969,316.
Title: Subrecipients
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance.
The Commission has no subrecipients.
Title: Federal Expenditures for 11.307 Award Number 06-79-06214
Accounting Policies: This statement is prepared using the same basis of accounting as the Commission's financial statements. The Commission uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Commission records should be consulted to determine amounts expended or matched from non-federal sources.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Commission has an indirect cost allocation plan on file in accordance with Uniform Guidance.
The formula used to determine federal expenditures for 11.307 for award number 06-79-06214 is as follows:Revolving Loan Funds loans outstanding at December 31, 2022 $939,316Cash and investment balance at December 31, 2022 $90,717Administrative expenses paid using award funds designated for administrative expenses during the fiscal year $41,059Unpaid principal of all loans written off during the year $0 Total Expenditures: $1,101,092