Audit 317209

Title: BASIS OF PRESENTATION 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 limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: REDC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Renaissance Economic Development Corporation (“REDC”) for the year ended December 31, 2023. The activity reported under FAL number 59.046 represents current year loans issued and not the total amount of loans outstanding as there are no continuing compliance requirements for outstanding loans. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of REDC, it is not intended to and does not present the financial position, changes in net assets or cash flows of REDC.