Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1. Basis of PresentationThe Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Capital Regional Development Council (the Organization), under programs of the federal government for the year ended September 30, 2022. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.Note 2. Basis of AccountingExpenditures reported on the Schedule are presented on the same basis of accounting as the Organizations financial statements. The Organization uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Note 3. Program CostsThe amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs could be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, Audit Requirements, wherein certain types of expenditures are not allowable or are limited to reimbursement.Note 4. Major ProgramsIn accordance with OMB Uniform Guidance, major programs are determined using a risk-based approach. Programs in the accompanying Schedule are determined by the independent auditor to be major programs.
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 2584402. INTERMEDIARY LOAN PROGRAM (59.062) - Balances outstanding at the end of the audit period were 651094.