Notes to SEFA
Title: Note A: 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of GRADD under programs of the federal government for the year ended June 30, 2022. 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 operations of GRADD, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of GRADD.
Title: Note B: Indirect Cost Rate
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
GRADD has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Note D: Reconcilement of Federal Revenue
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Federal revenue per the Combining Schedule of Operations by Program and Supporting Services $7,386,530 Federal Revenue per Proprietary Funds $3,309,832 Intermediary Relending Program 137,544 Total per Schedule of Expenditures of Federal Awards $10,833,906
Title: Note E: Revolving Loan Federal Expenditures Calculation
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: GRADD has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The following amounts were used to calculate the federal expenditures for the Economic Adjustment Assistance Loan Program: 04-79-07524 Balance of RLF CARES loans outstanding at year end $2,622,738 Cash and investment balance at year end 664,602 Administrative expenses paid out of RLF CARES income during year 22,492 Unpaid principal of loans written off during the year $0 Total $3,309832