Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - BASIS OF PRESENTATIONSchedule of Expenditures of Federal AwardsThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the District under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position of the District.Schedule of Expenditures of State AwardsIn compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptrollers Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) RLF CARES - Balances outstanding at the end of the audit period were 1503041. ECONOMIC ADJUSTMENT ASSISTANCE (11.307) RLF Legacy- Balances outstanding at the end of the audit period were 1538826.
Title: federal loan program award expended
Accounting Policies: NOTE A - BASIS OF PRESENTATIONSchedule of Expenditures of Federal AwardsThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the District under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position of the District.Schedule of Expenditures of State AwardsIn compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptrollers Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE D FEDERAL LOAN PROGRAM The federal loan program listed subsequently is administrated directly by the District, and balances and transactions related to these programs are included in the Districts basic financial statements. Loans outstanding at the beginning of the year, loans made during the year, and other required components are included in the federal expenditures presented in the Schedule. Expenditure calculation for this program was as follows: RLF Cares: cash 85046 plus outstanding loan beginning balances 1405633 plus new loans 159150 plus administrative cost 54673, total 1704502 multiplied by federal share 100% equals federal award expended 1704502; RLF Legacy: cash 79054 plus outstanding beginning loan balances 1355041 plus new loans 295,000 plus administrative cost 18892, total 1747987 multiplied by federal share 62.1% equals federal award expended 1085500.
Title: Revolving Loan program
Accounting Policies: NOTE A - BASIS OF PRESENTATIONSchedule of Expenditures of Federal AwardsThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the District under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position of the District.Schedule of Expenditures of State AwardsIn compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptrollers Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE E REVOLVING LOAN PROGRAM The following is the calculation of EDA federal expenditures for the Revolving Loan Program: RLF Cares: cash 85046 plus outstanding loan balances 1503041 plus administrative cost 54673, total 1642760 multiplied by federal share 100% equals federal award expended 1642760.