Audit 322146

Title: NOTE 3 – REVOLVING LOAN FUND Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the Capital Region Chamber of Commerce, Inc and Subsidiaries. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE 2 – BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Chamber to report to the federal government. De Minimis Rate Used: N Rate Explanation: The Chamber did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The amount of federal expenditures is computed as defined in the Department of Commerce Economic Development Revolving Loan Fund (RLF) Guidelines. The guidelines define current year expenditures, as the grantee’s fiscal year ending balance of outstanding loans, plus cash and investment balances, the amount of RLF income earned, and the amount expended on eligible administrative costs during the fiscal year. Total expenditures at December 31, 2023 were calculated as follows: Balance of RLF principal outstanding at the end of the fiscal year $ 5,852,474 Restricted cash balance in the RLF at the end of the fiscal year 2,337,607 Administrative expenses paid using RLF income during the fiscal year 76,632 Administrative expenses paid using award funds designated for administrative expenses during the fiscal year 5 ,574 Federal share of the RLF (100%) $ 8,272,287

Title: NOTE 4 – INSURANCE Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the Capital Region Chamber of Commerce, Inc and Subsidiaries. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE 2 – BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting used by the Chamber to report to the federal government. De Minimis Rate Used: N Rate Explanation: The Chamber did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Chamber did not participate in any federal insurance programs for the year ended December 31, 2023.