Title: NOTE C - EXPENDITURES TO SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Eastern Maine Development Corporation has elected not to use the 10percent de minimis indirect cost rate as allowed under the Uniform Guidance.
ALNumber Subrecipient Total12.002 Northern Maine Development Commission $ 254,26012.002 Sunrise County Economic Council 1 76,30212.002 Four Directions Development Corporation 83,48114.265 Community Concepts 5 58,368$ 1,072,411
Title: NOTE D - LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Eastern Maine Development Corporation has elected not to use the 10percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In addition to programs reported on the Schedule of Expenditures of FederalAwards, Eastern Maine Development Corporation has several federal loan programsand/or outstanding federal loans as follows. We have considered these outstandingloan balances in determining programs to be tested under the Uniform Guidance.Outstanding Loans(Federal loans made to Eastern Maine Development Corporation from a federalagency)Eastern Maine Development Corporation had the following loans payableoutstanding at September 30, 2022. These programs are also included in the federalexpenditures presented in this schedule.OutstandingAL Balance atNumber Program Name September 30, 202210.767 Intermediary Relending Program $ 204,10810.870 Rural Microentrepreneur Assistance Program 4 86,036$ 690,144
Title: NOTE E - ECONOMIC DEVELOPMENT ADMINISTRATION REVOLVING LOAN FUND
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Eastern Maine Development Corporation has elected not to use the 10percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Revolving Loan Programs(Federal loan funds administered by Eastern Maine Development Corporationloans made to ultimate recipients)The following represents Economic Development Administration revolving loanprograms. Amounts have been provided as required by the U.S. Department ofCommerce, Economic Development Administration, Revolving loan fund financialassistance awards standard terms and conditions, Part 1, F(3).EMDCUnrestricted EDA CrisisLending RLF Opportunity RLF CDFILoans outstanding $ 2 ,577,452 $ 2,289,946 $ 263,404Cash on hand 163,025 509,056 114,031Administative expenseyear ended 9/30/2022 21,529 111,958 9 ,418Loan principal written offyear ended 9/30/2022 - - -Subtotal 2,762,006 2,910,960 386,853Federal share 60.13% 100.00% 100.00%Federal expenditures $ 1 ,660,925 $ 2,910,960 $ 386,853