Audit 332463

Title: Note 1 - Basis of Presentation Accounting Policies: Note 2 - Summary of Significant 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: SBDC, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of SBDC, Inc. under programs of the federal government for the year ended June 30, 2024. 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 operations of SBDC, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of SBDC, Inc.

Title: Note 3 - Economic Adjustment Assistance Revolving Loan Fund (RLF) Program Accounting Policies: Note 2 - Summary of Significant 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: SBDC, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. EDA EDA CARES CDBG TIL MICRO LOAN Balance of RLF principal outstanding on loans at June 30, 2024 $ 724,981 $ 723,314 $ 11,572 $ 543,773 $ 25,137 Cash and investment balance in the RLF at June 30, 2024 - - - - - Administrative expenses paid using RLF income during the fiscal year ending June 30, 2024 13,440 5,558 76 12,282 384 Administrative expenses paid using award funds designated for administrative expenses during the fiscal year ending June 30, 2024 - - - - - The unpaid principal of all loans written off during the fiscal year ending June 30, 2024 - - - - - $ 738,421 $ 728,872 $ 11,648 $ 556,055 $ 25,521 Federal share percentage 100% 100% 100% 100% 100% Total Federal Expenditures RFL $ 738,421 $ 728,872 $ 11,648 $ 556,055 $ 25,521 See independent