Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Corporations, as defined in Note 1 to the financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance and Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements. Note 3 Allocation of Costs Costs have been allocated to programs based on a reasonable estimate of time spent on operating and loan administration. Loan administration expenses were allocated to the revolving loan funds based on the number of loans being serviced and the amount of work associated with the type of loan. Note 4 Indirect Costs Indirect costs of administering loans are included in the reported, to the extent they are included in the federal financial reports used as the source for the data presented. The Corporations have chosen not to use the 10% de minimis cost rate. Note 5 Matching Costs Matching costs, such as, the Corporations share of certain program costs, are not included in the reported expenditures. Note 6 Other Disclosures No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value and is covered by the Corporations casualty insurance policies. No noncash assistance was received during the year. No loan guarantees were outstanding at year end. For the applicable programs, the Schedule of Expenditures of Federal Awards includes the value of new loans made during the fiscal year, from both new loans received and the balance of loans received in previous years for which continuing compliance requirements are imposed. The value of loans outstanding at September 30, 2022 consists of: ALN Outstanding Balance Number Program Name at September 30, 2022Loans Payable:59.046 Small Business Administration Micro Loan Program $ 416,84610.767 Intermediary Lending Program 252,653Loans Receivable:11.307 Economic Development Administration 710,18323.011 Appalachian Regional Commission Revolving Loan 676,785
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MICROLOAN PROGRAM (59.046) - Balances outstanding at the end of the audit period were 416846. INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 252653. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 710183. APPALACHIAN RESEARCH, TECHNICAL ASSISTANCE, AND DEMONSTRATION PROJECTS (23.011) - Balances outstanding at the end of the audit period were 676785.