Audit 305877

Title: Economic Adjustment Assistance Program Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Greater Jamaica Development Corporation and Related Organizations (the "Organization") under programs of the federal government for the year ended December 31, 2023. 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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, wherein certain types of expenditures are not allowable or limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Organization elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance. The Economic Adjustment Assistance program (Assistance Listing # 11.307) is a revolving loan fund ("RLF"), administered by the U.S. Economic Development Administration (“EDA”), and specifically requires the amount on the Schedule to be calculated as follows: EDA Grants $ 606,500 Total EDA Share 100 Sum of EDA dollars/total project costs Cash 395,965 Outstanding loans receivable 267,462 663,427 $ 1,270,027