Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Buffalo Trace Area Development District and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in, or used in the preparation of, the basic financial statements may differ from these numbers.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The EDA released its interest in the EDA-Revolving Loan Program during the year ended June 30, 2022. The EDA-Revolving Loan Program had a capital balance of $2,128,600, on the date of release, 90.97% of which is Federal. The EDA-CARES Act-Revolving Loan Program includes a capital balance of $1,058,199 - 100% which is Federal, and 100% of total administrative expenditures totaling $14,476.