Title: Note 1: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies. Basis of Presentation. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has me the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of the federal awards of JEDCO. 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). All federal financial assistance received directly from federal agencies is included on the schedule, as well as federal financial assistance passed through other agencies. Because the Schedule presents only a selected portion of the operations of the Parish, it is not intended to and does not present the financial position, changes in net position, or cash flows of JEDCO.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: Summary of Significant Accounting Policies. Basis of Presentation. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has me the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
JEDCO’s schedule of expenditures of federal awards is presented using the accrual basis of accounting which is described in Note 1 to JEDCO’s financial statements for the year ended December 31, 2023.
Title: Note 3: Description of Grants
Accounting Policies: Summary of Significant Accounting Policies. Basis of Presentation. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has me the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
COVID-19 EDA Revolving Loan Fund
The Economic Development Administration (EDA) provided JEDCO with funds for a revolving loan pool which finances business development activities consistent with local economic development strategies. These funds provide access to capital for those small businesses that suffered directly from the COVID-19 epidemic.
COVID-19 CARES Act Seafood Enterprise Assistance (SEA) Revolving Loan Fund
In 2022, JEDCO was awarded $1 million in Department of Housing and Urban Development (HUD) Community Development Block Grant Funds (CDBG) through the Jefferson Parish Office of Community Development. The purpose of the fund is to create a revolving loan fund for small business owners in the seafood industry negatively impacted by the COVID-19 pandemic to assist in the recovery of the industry. During the year ended December 31, 2023, JEDCO received federal grant revenue of $556,068 for this grant through Jefferson Parish.
CARES EDA Act Revolving Loan Fund
In 2022, JEDCO was awarded 1.5 million from the Department of Commerce’s Economic Development Administration (EDA). The award represents funding for a three-year period to operate a revolving loan fund.
Small Business Credit Initiative (SSBCI) Act Revolving Loan Fund
The SSBCI Revolving Loan Fund accounts for micro loans less than $50,000 provided to businesses operating in Jefferson Parish. The fund is supported 50% by federal funds from the U.S. Department of Treasury and 50% by funds from JEDCO. During the year ended December 31, 2023, JEDCO received $1,000,000 in federal revenue and transferred $1,000,000 from the BRGL/LRCF Loan fund to support this program.
Title: Note 4: Outstanding Loans
Accounting Policies: Summary of Significant Accounting Policies. Basis of Presentation. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has me the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
EDA COVID-19 Revolving Loan Fund - 1,087,404
SEA COVID-19 Revolving Loan Fund - 855,304
CARED EDA Revolving Loan Fund - 935,282
SSBCI Revolving Loan Fund - 314,106
Total - 3,192,096
Title: Note 5: Indirect Cost
Accounting Policies: Summary of Significant Accounting Policies. Basis of Presentation. The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when JEDCO has me the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate
JEDCO has elected not to use the 10% de minimis indirect cost rate as provided for in section 200.413 of the Uniform Guidance.