Notes to SEFA
Title: Loan Programs
Accounting Policies: The information presented in the Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting, which is consistent with the reporting in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Androscoggin Valley Council of Governments utilizes an indirect cost rate of 46.94% which is approved by Federal Transit Agency.
The loan programs listed subsequently are administered directly by the Androscoggin
Valley Council of Governments and balances and transactions relating to these programs are included
in the Androscoggin Valley Council of Government’s basic financial statements. Loans outstanding at
the beginning of the year and loans made during the year are included in the federal expenditures
presented in the Schedule. The balance of loans outstanding at September 30, 2023 consist of:
Title: Revolving Loan Programs (Federal loan funds administered by Androscoggin Valley Council of Governments,
loans made to ultimate recipients)
Accounting Policies: The information presented in the Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting, which is consistent with the reporting in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Androscoggin Valley Council of Governments utilizes an indirect cost rate of 46.94% which is approved by Federal Transit Agency.
The following represents Economic Development Administration revolving loan programs. 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).