Title: Loan/Loan Guarantee Outstanding Balances
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 in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were $447,958. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were $1,262,635.
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 in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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 grant activity of Georgia Mountains Regional Commission, under programs for the federal government for the fiscal year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because this schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net position or cash flows of the Commission.
Title: Payments to Subrecipients
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 in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the current fiscal year, Georgia Mountains Regional Commission did not pass federal funds through to subrecipients.
Title: Revolving Loan Fund
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 in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the current fiscal year, the Economic Development Administration released its federal interest in the original Georgia Mountain Regional Commissions Revolving Loan Fund. However, as required, the Revolving Loan Fund award must appear in the Schedule of Federal Awards in the fiscal year of release, but will not be included or audited in future fiscal years. The amount included below for the released portion is calculated as of the date of the release and not as of the end of the fiscal year. The Economic Development Administration has not released its federal interest in the Revolving Loan Fund program received through the CARES Act program. For the current fiscal year, Georgia Mountains Regional Commission reported $2,808,395 in expenditures for the Economic Adjustment Assistance program (CFDA 11.307) for the Commissions Revolving Loan Fund.