Title: BASIS FOR DETERMINGING EXPENDITURES OF 11.307
Accounting Policies: This accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of South Eastern Development Foundation (SEDF) under programs of the federal government for the year ended December 31, 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 the Schedule presents only a selected portion of the operations of SEDF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of SEDF. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SEDF has not elected to use the 10% de minimis cost rate, as allowed under Uniform Guidance.
The Office of Management and Budget (OMB) Compliance Supplement formula to determinethe amount to be presented on the schedule of expenditures of federal awards for revolving loan fund (RLF) grants under federal assistance listing number 11.307. The formula to determine expenditures to be reported in the Schedule is as follows: (1) The balance of RLF loans outstanding at the end of the recipients fiscal year, plus; (2) The cash and investment balance in the RLF at the end of the fiscal year, plus; (3) Administrative expenses paid out of the RLF during the year, plus; (4) The unpaid principal of all loans written off during the year, and then multiply this sum by; (5) The federal share of the RLF based on the federal grant rate as specified in the grantaward. According, SEDF has reported expenditures of federal awards for its Economic Adjustment Assistance funded RLF program as follows:05-57-04742 Balance of RLF loans outstanding at December 31, 2022 $3,471,029, Cash balance in the RLF at December 31, 2022 $940,503, Administrative expenses paid out of the RLF income during the year $182,472, Unpaid principal of all RLF loans written off during the year $0, Total RLF loan pool $4,594,004, The Federal share of the RLF loan pool 56.09%, $2,576,889. 05-79-05957 Balance of RLF loans outstanding at December 31, 2022 $960,538, Cash balance in the RLF at December 31, 2022 $144,793, Administrative expenses paid out of the RLF income during the year $45,116, Unpaid principal of all RLF loans written off during the year $0, Total RLF loan pool $1,150,447, The Federal share of the RLF loan pool 80.00%, $920,357.05-79-06032 Balance of RLF loans outstanding at December 31, 2022 $2,598,570, Cash balance in the RLF at December 31, 2022 $1,636,479, Administrative expenses paid out of the RLF income during the year $13,8715, Unpaid principal of all RLF loans written off during the year $0, Total RLF loan pool $4,373,764, The Federal share of the RLF loan pool 100,00%, $4,373,764.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of South Eastern Development Foundation (SEDF) under programs of the federal government for the year ended December 31, 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 the Schedule presents only a selected portion of the operations of SEDF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of SEDF. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: SEDF has not elected to use the 10% de minimis cost rate, as allowed under Uniform Guidance.
INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 2554607. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 2598570. INTERMEDIARY LOAN PROGRAM (59.062) - Balances outstanding at the end of the audit period were 581011.