Title: Federal Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the District 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 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. 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 District has elected not to use the 10 percent de minimis indirect cost rate as allowed by Uniform Guidance. Indirect costs are based on actual expenditures determined in accordance with the guidelines established by the grantor agency.
The federal loan programs listed subsequently are administered directly by the District, and balances and transactions relating to these programs are included in the District's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2023, consists of:
CFDA Number Program Name Outstanding Balance at December 31, 2023
10.767 Intermediary Relending Program $865,348
Title: Economic Development Agency Revolving Loan Fund
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the District 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 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 the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. 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 District has elected not to use the 10 percent de minimis indirect cost rate as allowed by Uniform Guidance. Indirect costs are based on actual expenditures determined in accordance with the guidelines established by the grantor agency.
The District has an Economic Development Agency Revolving Loan Fund that was funded by three individual grants issued by the Department of Commerce in previous years. In 2014, three individual revolving loan fund grants were consolidated into one revolving loan fund. The amount of federal award that is included in the federal expenditures is presented in the Schedule.
RLF - Disaster RLF -Opportunity RLF CARES Total
Balances of notes receivable at December 31, 2023 $828,823 $613,867 $3,516,748 $4,959,438
Cash balance at December 31, 2023 68,604 117,514 316,369 502,487
Administration expenses paid during fiscal year 2023 12,967 11,470 59,634 84,071
Balance of loans written off - current year - - - -
Total expenditures 910,394 742,851 3,892,751 5,545,996
Federal share percentage 75.00% 50% 100%
Federal share included as expenditure in the schedule $682,796 $371,426 $3,892,751 $4,946,973