Notes to SEFA
Title: 1. Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Montana
Business Assistance Connection, Inc. (Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Montana Business Assistance Connection, Inc. (Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: 2. Cost Allocation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Montana
Business Assistance Connection, Inc. (Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis cost rate.
The Organization did not elect to use the 10% de minimis cost rate
Title: 3. Calculation of Economic Development Administration RLF expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Montana
Business Assistance Connection, Inc. (Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis cost rate.
Federal expenditures for the Economic Development Administration RLF were calculated as follows for the year ending December 31, 2023: Award #05-79-06014
EDA RLF loans receivable at December 31, 2023
$574,260
EDA RLF cash balance at December 31, 2023
42,671
Administrative expenses paid from EDA RLF income for the year ending December 31, 2023
37,124
Unpaid principal of EDA RLF written off during the year ending December 31, 2023
-
Total
654,055
Multiplied by federal grant rate
100%
Total Award #05-79-06014
$654,055