Audit 323087

Title: 1.    Loans Outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Business Development Corporation of the Northern Panhandle 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of the Business Development Corporation of the Northern Panhandle, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Business Development Corporation of the Northern Panhandle. Expenditures reported in 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 Business Development Corporation of the Northern Panhandle has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Business Development Corporation of the Northern Panhandle had the following loan balance outstanding at December 31, 2023: Brownfield Multipurpose, Assessment, Loan Fund, and Cleanup Cooperative Agreements - 66.818 Amount Outstanding $85,982