Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of New Bedford Economic DevelopmentCouncil, Inc. (the Council) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Council, it is notintended to and does not present the financial position, changes in net assets, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 3: Federal Loan ProgramsAssistance Listing OutstandingNumber Program Name June 30, 202214.218 Community Development Block Grants/Entitlement Grants $ 1,091,11014.218 Community Development Block Grants/Entitlement Grants 204,04459.046 Microloan Direct Loan - 2015 (SBA RLF) 134,17959.046 Microloan Direct Loan - 2020 (SBA RLF) 304,828$ 1,734,161
Title: EDA Funded RLF Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of New Bedford Economic DevelopmentCouncil, Inc. (the Council) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Council, it is notintended to and does not present the financial position, changes in net assets, or cash flows of the Council.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 4: EDA Funded RLF GrantsThe balance of the Economic Adjustment Assitance federal expenditures as of June 30, 2022 were calculated as the following:Identifying Identifying IdentifyingNumber Number Number01-19-63006 01-39-02894 01-79-14999Loans Outstanding at Year End - - 1 ,161,313Cash Balance at Year End - - 1 16,838RLF Income Used for Administration 9 07 82,268 1 02,192Loans Written off During Fiscal Year - - -$ 9 07 $ 82,268 1 ,380,343Federal Share of the RLF (%) 74.9064% 74.1993% 100%$ 6 79 $ 61,042 1 ,380,343