Title: NOTE B -LOAN PROGRAMS
Accounting Policies: NOTE A -ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018).
The following is a summary of loan activity for the year ended June 30, 2022:Grantor agency:Department of CommerceLoan fund:Regional RevolvingCFDA number:11.307Grant number:01-49-03310Issue date:September 1993Interest rate:0%Original amount:$1,000,000 As of September 28, 2021, the U.S. Department of Commerce authorized EDA to release its federal interest in this loan fund (see Note D).Grantor agency:Department of CommerceLoan fund:Small BusinessCFDA number11.307Grant number:01-19-63005Issue date:July 1994Interest rate:0%Original amount:$500,000As of September 28, 2021, the U.S. Department of Commerce authorized EDA to release its federal interest in this loan fund (see Note D).Grantor agency:Department of CommerceLoan fund:Cares ActCFDA number11.307Grant number:01-79-73018Issue date:July 2020Interest rate:0%Original amount:$1,019,000 LoanprincipalAllowancefor collectionlossesNetcarryingamountBalance July 1, 2021$ 993,769$ 120,540$ 873,229Loans made 741,000 - 741,000Payments received ( 103,073) - ( 103,073)Loan write-offs - - -Decrease in allowance for loan losses -( 38,955) 38,955 Balance June 30, 2022$ 1,631,696$ 81,585$ 1,550,111
Title: NOTE C -OTHER FEDERAL ASSISTANCE
Accounting Policies: NOTE A -ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018).
Southeastern Connecticut Enterprise Region Corporation did not receive any non-cash assistance, or other federal assistance in the form of loan guarantees or insurance.
Title: NOTE D -CALCULATION OF FEDERAL ASSISTANCE
Accounting Policies: NOTE A -ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of seCTer conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Southeastern Connecticut Enterprise Region Corporation has elected to use the 10% de Minimis indirect cost rate on the Economic Adjustment Assistance, Cares Act Revolving Loan Fund-administrative costs grant (01-79-73018).
Regional Revolving Cares Loans01-79-73018As of June 30, 2022: Carrying amount of loans$1,631,696 Cash and certificate of deposit247,481 Administrative expenses for fiscal year - Federal Assistance for fiscal year$1,879,177As of September 28, 2021, the U.S. Department of Commerce authorized EDA to release its federal interest in the Regional Revolving Loan Fund and the Small Business Loan fund. Federal assistance is calculated as of the release date as follows:Regional Revolving01-49-03310Small Business01-19-63005As of September 28, 2021: Carrying amount of loans$314,154$267,657 Cash and certificate of deposit422,875 331,829 Administrative expenses for period3,3432,264 Federal Assistance for period$740,372$ 601,750