Notes to SEFA
Title: Calculated Federal Expenditures
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-87 Cost Principles for State Local and Indian Tribal Governments wherein certain types of expenditures are not allowed or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: MOVRC has elected not to use the 10% de minimus indirect rate. We used an US-Economic Development Agency approved rate of 53% of program direct labor.
EDA CARES RLF IRP
Balance of outstanding loans at 6/30/2023 $2,794,651 $2,612,564
Cash and investment balance at 6/30/23 420,209 1,446,787
Administrative expenses paid FY23 19,381 31,065
Total 3,234,240 4,090,416
Federal Participation Rate 100% 43%
Calculated Federal Expenditures $3,234,240 $1,758,879
ARC
Balance of outstanding loans at 6/30/2023 $2,028,576
Loan Disbursements during FY23 -
Admin Expenses FY2023 13,809
Calculated Federal Expenditures $2,042,384
Title: LOANS RECEIVABLE OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-87 Cost Principles for State Local and Indian Tribal Governments wherein certain types of expenditures are not allowed or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: MOVRC has elected not to use the 10% de minimus indirect rate. We used an US-Economic Development Agency approved rate of 53% of program direct labor.
MOVRC had the following balances of loans receivable outstanding at June 30, 2023, under federal loan programs Federal Assistance
Program Title: Listing Number (AL) Amount
USEDA Revolving Loan Fund Cares Act 11.307 $2,794,651
Appalachian Regional Commission-RLF 23.011 2,028,576
Intermediary Relending Program 10.767 2,612,564
Total $7,435,790