Title: NOTE 3 – USDA RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal awards is prepared on the same basis of accounting as the District’s financial statements. The District uses Governmental Accepted Accounting Principles (GAAP) for all funds represented on this schedule.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATE
The district has not elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The Tri County Economic Development Non-Profit Corporation (TC EDC), a component unit of TEDD, received the remaining $200,000 of the $400,000 loan in 2015. TC EDC received the remaining $34,625 of the initial $100,000 grant in 2016; additional grant funding has been received as follows: $17,483 in 2018; $6,374 in 2019; and $9,919 in 2020. and $2,295 in 2021. Loan funds in the amount of $100,000 were disbursed to program participants in 2021 and the administrative expenses were $11,747 which is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $4,758. The loan portion of the Rural Microenterprise Assistance Program is reported on the District’s Schedule of Liabilities (Schedule 9).
Title: NOTE 4 – REVOLVING LOAN - PROGRAM INCOME: COMMUNITY DEV. BLOCK GRANT
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal awards is prepared on the same basis of accounting as the District’s financial statements. The District uses Governmental Accepted Accounting Principles (GAAP) for all funds represented on this schedule.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATE
The district has not elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The District has a revolving loan program for business and micro loans. Under this federal program, repayments to the District are considered program revenues (income) and loans of such funds to eligible recipients and administration costs are considered expenditures. No loan funds were disbursed to program participants in 2021 and the administrative expense was
$16,360 which is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $150,596.
Title: NOTE 5 – REVOLVING LOAN - PROGRAM INCOME: ECONOMIC ADJUSTMENT ASSISTANCE
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal awards is prepared on the same basis of accounting as the District’s financial statements. The District uses Governmental Accepted Accounting Principles (GAAP) for all funds represented on this schedule.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATE
The district has not elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The District did not received revenue from Development Administration grants. No loan funds were disbursed to program participants in 2021 and the administrative expense was $20,115. which is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $422,123.
Title: NOTE 6 – REVOLVING LOAN - PROGRAM INCOME ECONOMIC ADJUSTMENT ASSISTANCE
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal awards is prepared on the same basis of accounting as the District’s financial statements. The District uses Governmental Accepted Accounting Principles (GAAP) for all funds represented on this schedule.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATE
The district has not elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The District was awarded a reimbursable $1,698,500 Economic Development Administration grant funded by the CARES Act regarding COVID 19. These monies are the basis for a new revolving loan fund. Grant funding in the amount of $1,512,325 was received in 2021. Eight loans were funded for a total of $1,497,000 to program participants in 2021 and the administrative expenses in the amount of $15,325 were billed in 2021 which is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $69,948.
Title: NOTE 7 - PROGRAM COSTS
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING
The Schedule of Expenditures of Federal awards is prepared on the same basis of accounting as the District’s financial statements. The District uses Governmental Accepted Accounting Principles (GAAP) for all funds represented on this schedule.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATE
The district has not elected to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
The amounts shown as current year expenditures represent only the federal portion of program costs. Entire program costs, including the District’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.