Title: Intermediary Relending Program Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of NECOG Development Corporation under programs of the federal government for the year ended December 31, 2022. The information 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 the schedule presents only a selected portion of the operations of NECOG Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NECOG Development Corporation. Expenditures reported in the schedule are reported on the accrual basis of accounting. Whenapplicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: NECOG Development Corporation has not elected to use the 10% de minimus cost rate.
Expenditures of the Intermediary Relending Program are comprised of the following: IRP Loan 47-007-460434487 04 Note payable outstanding at December 31, 2021 $1,424,127 Total 2022 expenditures $1,424,127. The balance of IRP loans receivable outstanding at December 31, 2022, was $1,974,275.The balance of IRP notes payable outstanding at December 31, 2022, was $1,354,024.
Title: ECONOMIC DEVELOPMENT ASSISTANCE EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of NECOG Development Corporation under programs of the federal government for the year ended December 31, 2022. The information 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 the schedule presents only a selected portion of the operations of NECOG Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NECOG Development Corporation. Expenditures reported in the schedule are reported on the accrual basis of accounting. Whenapplicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: NECOG Development Corporation has not elected to use the 10% de minimus cost rate.
Expenditures of the Economic Development Assistance Revolving Loan Fund Program are comprised of the following: RLF#2 RLF CARES Total Notes receivable balance outstanding at 12/31/2022 $592,283 $1,612,104 $2,204,387 Notes receivable written off during 2022- Cash account balances as of December 31, 2022 $81,639 $ 81,452 $ 163,091 Administrative expenses for the year ended 12/31/2022 $ 11,020 $ 27,637 $ 38,657$684,492 $1,721,193 $2,406,135 Federal share 80% 100% Total 2022 expenditures $547,954 $1,721,193 $2,2269,147.