Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cumberland Area Investment Corporation and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: 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 limited as to reimbursement. Cumberland Area Investment Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
RURAL BUSINESS DEVELOPMENT GRANT (10.351) - Balances outstanding at the end of the audit period were 100000. INTERMEDIARY RELENDING PROGRAM (10.767) - Balances outstanding at the end of the audit period were 1094429.