Notes to SEFA
Title: NOTE C - LOANS 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Northern Maine Development Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In addition to programs reported on the Schedule of Expenditures of Federal Awards, Northern Maine Development Commission has several outstanding federal loans as follows. We have considered these outstanding loan balances in determining programs to be tested under the Uniform Guidance.
Title: NOTE C - LOANS OUTSTANDING (CONTINUED)
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Northern Maine Development Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Outstanding Loans
(Federal loans made to Northern Maine Development Commission, from a
federal agency)
Northern Maine Development Commission, Inc. had the following loans payable
outstanding at June 30, 2023. These programs are also included in the federal
expenditures presented in this schedule.
Title: NOTE D - ECONOMIC DEVELOPMENT ADMINISTRATION REVOLVING LOAN
FUND
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Northern Maine Development Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Revolving Loan Programs
(Federal loan funds administered by Northern Maine Development Commission
loans made to ultimate recipients)
The following represents Economic Development Administration CARES
program. Amounts have been provided as required by the U.S. Department of
Commerce, Economic Development Administration, “Revolving loan fund financial
assistance awards standard terms and conditions” Part 1, F (3).