Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the County under programs of the federal government for the year ended November 30, 2022.The information in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the County, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the County.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE - REVOLVING LOAN FUNDS (11.307) - Balances outstanding at the end of the audit period were 648990. ECONOMIC ADJUSTMENT ASSISTANCE - COVID REVOLVING LOAN FUNDS (11.307) - Balances outstanding at the end of the audit period were 982465.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the County under programs of the federal government for the year ended November 30, 2022.The information in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the County, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the County.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
ExpendituresExpenditures reported on the Schedule are reported on the accrual basis of accounting.Pass-Through EntitiesPass-through entity identifying numbers are presented on the Schedule where available.
Title: NOTE 5 - SUBRECIPIENT RELATIONSHIPS
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the County under programs of the federal government for the year ended November 30, 2022.The information in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the County, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the County.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The County did not remit any funds to subrecipients.
Title: NOTE 6 - DEPARTMENT OF COMMERCE (ECONOMIC ADJUSTMENT ASSISTANCE)
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the County under programs of the federal government for the year ended November 30, 2022.The information in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the County, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the County.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
For purposes of completing the Schedule of Expenditures of Federal Awards (SEFA), each EconomicDevelopment Administration (EDA) Revolving Loan Fund Grant (RLF grant) (CFDA 11.307) should beshown as a separate line item calculated as follows:1. Balance of RLF Loans Outstanding at the end ofthe recipient's fiscal year, plus $ 648,9902. Cash and investment balance in the RLF at theend of the recipient's fiscal year, plus 555,0553. Administrative expenses paid out of the RLFincome during the recipient's fiscal year, plus 8,8514. The unpaid principal of all loans written offduring the recipient's fiscal year -Total $ 1,212,896Federal share of the RLF 75%Total $ 909,672COVID Relief Loan Fund:1. Balance of RLF Loans Outstanding at the end ofthe recipient's fiscal year, plus $ 982,4652. Cash and investment balance in the RLF at theend of the recipient's fiscal year, plus 275,0603. Administrative expenses paid out of the RLFincome during the recipient's fiscal year, plus 34,4134. The unpaid principal of all loans written offduring the recipient's fiscal year -Total $ 1,291,938Federal share of the RLF 100%Total $ 1,291,938