Title: Note 1
Accounting Policies: This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Economic Development Collaborative under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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 Economic Development Collaborative it is not intended to and does not present the financial position, changes in net assets, or cash flows of Economic Development Collaborative. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures recognized following the cost principles contained in the Uniform Guidance and OMB A-122, wherein certain types of expenditures are not allowable or are limited as to reimbursements. The Organizaiton has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program (CFDA No. 11.307) funded by the U.S. Department of Commerce. The federal expenditures from the Economic Adjustment Assistance program include $83,913 of cash at year-end, $2,437,963 of outstanding loans at year-end and $69,120 of administrative costs. In addition, there were $718,700 new loans issued during 2023.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Economic Development Collaborative under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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 Economic Development Collaborative it is not intended to and does not present the financial position, changes in net assets, or cash flows of Economic Development Collaborative.
Title: Note 2
Accounting Policies: This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Economic Development Collaborative under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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 Economic Development Collaborative it is not intended to and does not present the financial position, changes in net assets, or cash flows of Economic Development Collaborative. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures recognized following the cost principles contained in the Uniform Guidance and OMB A-122, wherein certain types of expenditures are not allowable or are limited as to reimbursements. The Organizaiton has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program (CFDA No. 11.307) funded by the U.S. Department of Commerce. The federal expenditures from the Economic Adjustment Assistance program include $83,913 of cash at year-end, $2,437,963 of outstanding loans at year-end and $69,120 of administrative costs. In addition, there were $718,700 new loans issued during 2023.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures recognized following the cost principles contained in the Uniform Guidance and OMB A-122, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
Title: Note 3
Accounting Policies: This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Economic Development Collaborative under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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 Economic Development Collaborative it is not intended to and does not present the financial position, changes in net assets, or cash flows of Economic Development Collaborative. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures recognized following the cost principles contained in the Uniform Guidance and OMB A-122, wherein certain types of expenditures are not allowable or are limited as to reimbursements. The Organizaiton has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program (CFDA No. 11.307) funded by the U.S. Department of Commerce. The federal expenditures from the Economic Adjustment Assistance program include $83,913 of cash at year-end, $2,437,963 of outstanding loans at year-end and $69,120 of administrative costs. In addition, there were $718,700 new loans issued during 2023.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organizaiton has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4
Accounting Policies: This accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Economic Development Collaborative under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation 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 Economic Development Collaborative it is not intended to and does not present the financial position, changes in net assets, or cash flows of Economic Development Collaborative. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures recognized following the cost principles contained in the Uniform Guidance and OMB A-122, wherein certain types of expenditures are not allowable or are limited as to reimbursements. The Organizaiton has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program (CFDA No. 11.307) funded by the U.S. Department of Commerce. The federal expenditures from the Economic Adjustment Assistance program include $83,913 of cash at year-end, $2,437,963 of outstanding loans at year-end and $69,120 of administrative costs. In addition, there were $718,700 new loans issued during 2023.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization administers a revolving loan fund under the Economic Adjustment Assistance Program (CFDA No. 11.307) funded by the U.S. Department of Commerce. The federal expenditures from the Economic Adjustment Assistance program include $83,913 of cash at year-end, $2,437,963 of outstanding loans at year-end and $69,120 of administrative costs. In addition, there were $718,700 new loans issued during 2023.