Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule or SEFA) includes the federal grant activity of Vermont Economic Development Authority (the Authority) for the year ended June 30, 2024. The information in this Schedule is presented in accordance with 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 portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
Title: Loan Guarantee Programs
Accounting Policies: 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 Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Authority participates in a variety of loan guarantee programs through its component units, the Vermont Agriculture Credit Corporation (VACC), the Vermont 504 Corporation (VT504) and the Vermont Jobs Fund (VJF).
Outstanding loan balances and activity under guaranteed loan programs for the period June 30, 2023 through June 30, 2024 are as follows: See the Notes to the SEFA for chart/table
Title: Intermediary Relending Program
Accounting Policies: 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 Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Authority has borrowed funds under AL 10.767, Intermediary Relending Program (IRP) through its blended component units, the Vermont Small Business Development Corporation (VSBDC) and VT 504. The VSBDC and VT 504 make small business loans in Vermont. The total outstanding payable balance of the notes was $11,860,590 at June 30, 2024.
Outstanding loan balances receivable and activity under the IRP for the period of June 30, 2023 through June 30, 2024 is as follows: See the Notes to the SEFA for chart/table
Title: State Small Business Credit Initiative
Accounting Policies: 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 Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Authority participates in the State Small Business Credit Initiative (SSBCI) starting in July 2022. The Authority uses these funds to help support private financing to small Vermont businesses.
Outstanding loan balances receivable and activity under the SSBCI for the period of June 30, 2023 through June 30, 2024 is as follows: See the Notes to the SEFA for chart/table