Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note A Purpose of the Schedule-The accompanying Schedule of Expenditures of Federal Awards ( the Schedule ) is a supplementary schedule to GEODCs financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of GEODC, it is not intended to and does not present either the financial position, results of operations, or changes in net assets of the Corporation. Note B Significant Accounting Policies-Reporting Entity - The reporting entity is fully described in Note 1 to GEODCs basic financial statements. The Schedule includes all federal programs administered by the Corporation for the year ended June 30, 2022. Basis of Presentation - The accompanying Schedule includes the federal award activity of the GEODC, under programs of the federal government for the year ended June 30, 2022. The information in the 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 the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Federal Financial Assistance-Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Major Programs-The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for GEODC are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes. Basis of Accounting-Federal awards are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. 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. Insurance Coverage-For fiscal year ended June 30, 2022, the Corporation had insurance coverage in effect comparable to other entities of similar size and circumstance. Indirect Cost Rate-GEODC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 595069. COVID ECONOMIC ADJUSTMENT ASSISTANCE (11.307) - Balances outstanding at the end of the audit period were 940380. INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 79048. RURAL BUSINESS ENTERPRISE GRANTS (10.769) - Balances outstanding at the end of the audit period were 18119.
Title: Loan Balances
Accounting Policies: Note A Purpose of the Schedule-The accompanying Schedule of Expenditures of Federal Awards ( the Schedule ) is a supplementary schedule to GEODCs financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of GEODC, it is not intended to and does not present either the financial position, results of operations, or changes in net assets of the Corporation. Note B Significant Accounting Policies-Reporting Entity - The reporting entity is fully described in Note 1 to GEODCs basic financial statements. The Schedule includes all federal programs administered by the Corporation for the year ended June 30, 2022. Basis of Presentation - The accompanying Schedule includes the federal award activity of the GEODC, under programs of the federal government for the year ended June 30, 2022. The information in the 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 the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Federal Financial Assistance-Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between an entity and the federal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. Major Programs-The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for GEODC are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes. Basis of Accounting-Federal awards are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. 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. Insurance Coverage-For fiscal year ended June 30, 2022, the Corporation had insurance coverage in effect comparable to other entities of similar size and circumstance. Indirect Cost Rate-GEODC has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note C - EDA Revolving Loan Fund:A summary of changes in EDA Revolving Loan Fund balances are as follows:Balance, July 1, 2021 $828,404 New loans made from revolved funds 0 Subtotal 828,404 Principal payments received 21-22 (233,335)Balance, June 30, 2022 595,069 Cash Balance, June 30, 2022 698,110 Administrative Expenses Paid 28,339 Total Awards Expended 1,321,518 Multiply by Federal Share of RLF (74%) 74%Total Federal Awards Expended $977,923 Note D - EDA CARES Revolving Loan Fund:A summary of changes in EDA Revolving Loan Fund balances are as follows:Balance, July 1, 2021 $156,161 New loans made from revolved funds826,500 Subtotal 982,661 Principal payments received 21-22 (42,281)Balance, June 30, 2022940,380 Cash Balance, June 30, 2022 59,620 Administrative Expenses Paid 30,011 Total Awards Expended 1,030,011 Multiply by Federal Share of RLF (100%) 100%Total Federal Awards Expended $1,030,011 Note E - Intermediary Relending Program:A summary of changes in the Intermediary Relending Program are as follows: New Federal Money Revolved Money TotalBalance, July 1, 2021 $83,332 $2,337,079 $2,420,411 New loans made - 127,300 127,300 Subtotal 83,332 2,464,379 2,547,711 Principal payments received 21-22 (4,284) (605,427) (609,711)Loans written off 21-22 - - -Balance, June 30, 2022 $79,048 $1,858,952 $1,938,000 Note F - Subsidized Interest:Low interest loans are federal financial assistance to the extent of the interest subsidy. Assuming fair value loan rate to be 7%, and knowing the actual loan rate to be 1%, subsidized interest is approximately $70,500.Note G - Native American Entrepreneur Revolving Loan Fund:A summary of changes in the Native American Entrepreneur Revolving Loan Fund are as follows: New Federal Money Balance, July 1, 2021 $18,867 New loans made Subtotal 18,867 Principal payments received 21-22 (748) Balance, June 30, 2022 $18,119