Title: BASIS OF ACCOUNTING & PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S., Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from
amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related periodic federal
financial reports.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S., Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from
amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in this schedule, the Valley Small Business Development Corporation (the
Corporation) did not provide any federal awards to subrecipients.
Title: LOANS WITH CONTINUING COMPLAINCE REQUIREMENT
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is prepared using the accrual basis method of
accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S., Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from
amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The CFDA numbers included in the accompanying Schedule of Expenditures of Federal Awards were determined
based on the program name, review of the grant or contract information and the Office of Management and
Budget’s Catalog of Federal Domestic Assistance.
Outstanding federally funded program loans, with a continuing compliance requirement, carried balances as of
June 30, 2023 as follows:
Federal
CFDA # Program Title June 30, 2022 New Loans
Principal
Repayment June 30, 2023
10.767 * Intermediary Relending Program (IRP) $ 1,616,666 $ - $ (165,707) $ 1,450,959
10.870 * Rural Microentrepreneur Assistance Program (RMAP) 380,108 - (38,245) 341,863
$ 1,996,774 $ - $ (203,952) $ 1,792,822