Title: ECONOMIC DEVELOPMENT ADMINISTRATION REVOLVING LOAN FUND
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Southern Mississippi Planning and Development District, Inc. (SMPDD) under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 SMPDD, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SMPDD.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SMPDD prepares an indirect cost rate proposal on an annual basis subject to approval by the United States Department of Commerce Economic Development Administration. For the year ended September 30, 2023, the approved indirect cost rate for federally funded programs was 25% based upon the most recent Certificate of Indirect Cost dated March 31, 2023.
SMPDD HAD THE FOLLOWING LOAN BALANCES OUTSTANDING AT SEPTEMBER 30, 2023, WHICH ARE ATTRIBUTABLE TO FEDERAL FUNDS. THESE LOAN BALANCES OUSTANDING ARE ALSO INCLUDED IN THE FEDERAL EXPENDITURES PRESENTED IN THE SCHEDULE: PROGRAM TITLE - ECONOMIC ADJUSTMENT ASSISTANCE, #11.307, $14,345,458. THE VALUE OF THE ECONOMIC DEVELOPMENT ADMINISTRATION REVOLVING LOAN FUND (RLF) IS DETERMINED BY ADDING THE PRINCIPAL LOAN BALANCE AT YEAR END, THE RLF CASH ON HAND AT YEAR END, THE RLF ADMINISTRATIVE EXPENSES PAID OUT OF RLF INCOME DURING THE FISCAL YEAR, AND THE UNPAID PRINCIPAL OF ALL LOANS WRITTEN OFF DURING THE YEAR. THIS AMOUNT IS MULTIPLIED BY THE FEDERAL SHARE OF THE RLF PROGRAM TO DETERMINE THE FEDERAL VALUE OF THE RLF PROGRAM. FEDERAL AWARDS EXPENDED: RLF LOANS OUTSTANDING AT 9/30/2023 ORIGINAL $6,807,045; RECAP DISASTER RELIEF $1,350,174; CARES $6,188,239; TOTAL $14,345,458. CASH AND INVESTMENT BALANCE IN RLF AT 9/30/2023 ORIGINAL $564,567; RECAP DISASTER RELIEF $140,437; CARES $2,113,036; TOTAL $2,818,040. ADMINISTRATIVE EXPENSES PAID FROM RLF INCOME DURING 9/30/2023 ORIGINAL $150,507; RECAP DISASTER RELIEF $9,850; CARES $63,735; TOTAL $224,092. TOTAL ORIGINAL $7,522,119; FEDERAL SHARE 75.92%; ORIGINAL FEDERAL AWARDS EXPENDED $5,710,793. TOTAL RECAP DISASTER RELIEF $1,500,461; FEDERAL SHARE 70.00%; RECAP DISASTER FEDERAL AWARDS EXPENDED $1,050,322. TOTAL CARES $8,365,010; FEDERAL SHARE 100.00%; CARES FEDERAL AWARDS EXPENDED $8,365,010. TOTAL FEDERAL AWARDS EXPENDED FOR ALL CATEGORIES $15,126,125. RECONCILIATION TO THE SEFA: AWARD 04-57-07126 $5,710,793; AWARD 04-79-07287 $1,050,322; AWARD 04-79-07517 $8,365,010; TOTAL $15,126,125.