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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority uses an approved cost allocation program for federal grants
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Virgin Islands Economic Development Authority under programs of the federal government for the year ended September 30, 2021. 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). Because the Schedule presents only a selected portion of the operations of the Virgin Islands Economic Development Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Virgin Islands Economic Development Authority
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: The Authority uses an approved cost allocation program for federal grants
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
Title: FEDERAL INDIRECT RATE
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: The Authority uses an approved cost allocation program for federal grants
The Authority uses an approved cost allocation program for federal programs.
Title: DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED
DISASTERS)
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: The Authority uses an approved cost allocation program for federal grants
After a presidentially declared disaster, the Federal Emergency Management Agency (FEMA) provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (CFDA 97.036) to reimburse eligible costs associated with repair, replacement, or restoration of disaster-damaged facilities. FEMA expenditures are included in the Schedule when eligible expenditures are incurred, and the project worksheets (PWs) are approved. The Authority reported eligible expenditures on the Schedule in fiscal year 2021
Title: NOTES RECEIVABLE 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: The Authority uses an approved cost allocation program for federal grants
The Authority had the following note receivable balances outstanding at September 30, 2021:
Program Title Federal
CFDA Number Amount Outstanding
Revolving Loan Fund 11.307 $312,438
Title: EDA RLF EXPENDITURE CALCULATION
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: The Authority uses an approved cost allocation program for federal grants
EDA RLF EXPENDITURE CALCULATION
The calculation of amount included as expenditures of federal funds for the EDA RLF grant funds is as follows:
RLF 1 RLF 2
Balance of RLF principal outstanding on loans as of September 30, 2021 $103,823 $208,615
Cash and investments balance as of September 30, 2021 113,513 303,708
Administrative expenses paid out of the RLF income - -
217,336 512,323
Federal Participation Rate 75% 100%
EDA RLF Expenditures of Federal Awards $163,002 $512,323
Title: FEMA GRANT EXPENDITURES
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: The Authority uses an approved cost allocation program for federal grants
The Authority received federal funding from the Federal Emergency Management Agency. The funding is being used for restoration of buildings destroyed during hurricanes Irma and Maria. The grants are administered by the Virgin Islands Disaster Recovery Office (VI DOR) and the Virgin Islands Territorial Emergency Management Agency (VITEMA) on behalf of the Authority and are recorded by VITEMA. Expenditures for these grants are not included in the Authority’s financial statements.