Notes to SEFA
Title: Revolving Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Long Island Development Corporation (the "Organization") under programs of the federal government for the year ended September 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 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. Passthrough entity identifying numbers are presented where available and applicable.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed subsequently are administered directly by the Organization, and the balance and transactions relating to these programs are included in the Organization's Statement of Financial Position. Loans outstanding at the beginning of the year and loans during
the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at September 30, 2022 consist of:
AL Listing Number Program Name Outstanding Balance
11.307 Long Island Defense Diversification $ 1,805,853
11.307 Long Island Fisheries Assistance 267,686
11.307 COVID-19 Cares Act 5,851,157
11.307 Long Island Targeted Industries Revolving 145,527