Notes to SEFA
Title: Economic Adjustment Assistance Program
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting as described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Board does not use the 10% de minimis indirect cost rate.
The Board has included $2,915,141 from revolving loan funds with Economic Adjustment Assistance Program funds in the schedule of expenditures of federal awards. The resulting loan fund activity as required by the U.S. Department of Commerce for the year ended December 31, 2023 is as follows:
Revolving Loan Funds
RLF I RLF II/III RLF IV RLF V RLF VI Total
Loan principal balances
at end of year $ 455,059 135,707 249,697 2,126,689 759,295 3,726,447
Cash and investment
balance 113,801 8,061 67,406 701,239 855,022 1,745,529
Administrative expenses 7,356 151 600 712 - 8,819
Unpaid principal on loans
written off in 2022 48,625 - 141,543 - - 190,168
Subtotal 624,841 143,919 459,246 2,828,640 1,614,317 5,670,963
Federal share 0% 0% 0% 100% 0% 49.88%
Federal award $ - - - 2,828,640 - 2,828,640
Operating fund - reimbursements 86,500
Total economic adjustment assistance program $ 2,915,140