Notes to SEFA
Title: Reporting of Revolving Loan Funds on the Schedule of Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Racine County Economic Development Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the de minimus cost rate. Indirect costs are allocated based on and charged to grants per allowable grant budgets.
The Organization entered into an agreement on December 7, 2023, with the United States Department of Commerce, Economic Development Administration (EDA) and the City of Racine, Wisconsin to release its federal interest in awards. The Organization entered into an agreement on December 18, 2023, with the United States Department of Commerce, Economic Development Administration (EDA) and Racine County, Wisconsin to release its federal interest in awards. The Schedule of Federal awards includes City RLF and County EDA RLF activity through the December 7, 2023, and December 18, 2023, respectively, the dates on which the release of federal interest occurred.